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Newton : Real Estate Advice

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  • Local Info1
  • Home Buying0
  • Home Selling0
  • Market Conditions3

Activity 9
Wed May 6, 2015
bubs231 asked:
Add some detail about your question
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Thu Apr 3, 2014
Suzanne MacDowell answered:
If you want to sell your home, and you want the listing to show on Trulia, you will need to work with a licensed real estate professional. Trulia does not allow for sale by owner listings. I believe, however, that you can create a profile and list your home for rent here. ... more
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Fri Aug 16, 2013
Krista Clark answered:
The average days on market in Newton for July, 2013 was 107 days, down from 135 days in July, 2012. The rental market is extremely tight, especially when it comes to single-family homes. ... more
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Thu Oct 18, 2012
Joseph Hastings answered:
Hi Katie. So sorry to hear about your situation. I'm not loacl to your area but I found your question interesting and wanted to at least respond in some way. Unless the rental community in your area is totally different than any other place in America, you'll most likely face rejection. Income is paramount in renting obviously. Hopefully you have good credit but you'll need a relative to Guarantee your lease. I wish you all the best moving forward. Is there any relative you could move in with until you get on your feet? Good luck. ... more
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Tue Sep 11, 2012
Regina Khammanee answered:
We will rent it to you for a year then you can buy.
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Mon Aug 30, 2010
Susan K. Forbes, CRS, SFR, CBR, Certified Home Marketing Specialist answered:
The average price range for a house in Newton, Iowa is $89,182 - as of July 2010
Our average price has went down from last year $7,555. this I feel is due to all the foreclousers we have on the market. However the average days on the market has went down from 127 days in 2009 to 95 in July of 2010. ... more
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Thu Jun 24, 2010
Matt Grohe answered:
You or your title attorney should make sure HUD is aware of the liens. HUD's close in Iowa is Moens Law Office at 1523 52nd Ave. Moline, IL 61265. Their phone number is 309-736-3117. ... more
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Sun Apr 25, 2010
Don Tepper answered:
The article suggested by the first answer--Leasing to Own Solutions--is a very good one. Bill Bronchick is a well-recognized and respected lawyer who knows real estate investing.

You ask about the difference between rent-to-own and contract-to-own. Those aren't the specific terms used. Here's a brief, non-legal explanation of some of the possibilities.

Rent-to-own (More commonly called "lease purchase"): Consists of a lease and a sales agreement. You're leasing for a period of time, but have committed to purchasing.

Lease-option: Consists of a lease and an option to purchase. You're leasing for a period of time. You also have an option (a right) to buy the house, but you're not committed to doing so.

Contract for deed (very similar to a "land contract"): Consists of a contract in which you typically make payments over a period of time. The seller retains title until you've made the required number of payments. After that, the title is transferred to you, and you become owner.

In none of these cases do you immediately get title to the property. Title stays in the owner's name for a specified period of time or until you've performed per the agreement.

In your case, "rent to own" could be either a "lease option" or "lease purchase"--depending on whether there's an option involved or a purchase agreement.

It's quite unusual to pay property taxes and have homeowner's insurance on a property you're renting. In fact, please--please--check with your insurance agent to make sure that you're covered. You may not be able to have homeowner's insurance on a property you're renting.

You ask whether you can get the first time home buyer's tax credit. That's a very gray area.

The IRS says:
~~~~~~~~~~~~~~~~~~~~~~
Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (7/2/09)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
See http://www.irs.gov/newsroom/article/0,,id=206291,00.html

Check with a tax accountant. It sounds as if you're satisfying a preponderance of the criteria, so there appears to be a possibility. But please check with an accountant. You would, of course, have to satisfy all the other IRS criteria as well.

Hope that helps.
... more
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Fri Jul 31, 2009
Dallas Texas answered:
Yes you now own a property /home however loan officer or CPA can determine if you qualify for $8K tax credit difficult determine without all facts reviewed.

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