This is definitely a question you should ask your tax accountant, or even the IRS helpline. There will be some deductions, but what is allowed to be deducted on your taxes and what is not is a question that only a tax accountant should answer for you.
Good luck. Feel free to let me know if you have any other questions. Have a great day!
Barbara A. Reagan
Long & Foster Realtors
There are many easy answers I could give you;
The truth is that each home & each market (location/sublocation) are different. The best advice I can give you is to call one of your local REALTORS. It is best to have them come do a walk thru of your home as it is today. Give you advice on what it is currently worth and then give you a list of items to either improve or upgrade that would increase your properties value for the buyers in your market.
There are always trends as to what is the hot item that buyers are looking for in a home right now!
Don't spend any money until you have a FULL TIME, PROFESSIONAL REALTOR advice you first.
Many times we go to our listing appointments to find that our sellers have spent money on areas that will not increase value or desireablity and will not be able to make that money back.
Best of luck to you! If you happen to be in the Richmond, VA housing market - feel free to contact me. Heather O'Sullivan Long & Foster Strawberry Street 804 514 3197... more
This site is for agents to market their properties on. You will reach very few investor buyers in this forum. If you decide to work with an agent to help you market this property, I am available to help you. Good luck!
Envision Real Estate, LC
Being foreclosed on will NOT help you problems. If the bank forecloses on you they can come after you for the difference in the price they sell the home for and the amount you owe on the mortgage, and possibly the fees that it cost them to foreclose. I believe they have up to 7 years to do so. Before you make any decision on the property you should first contact your bank and see what options may be available for you.
2nd: you should contact a financial planner and a tax advisor to see how any move made could affect your future. You can also speak with a bankruptcy attorney and a loan modification company to gather more information.
It is not just a matter of walking away from the home, there are tons of implications to consider that could affect your families future.
It is a tough situation, that many families are in and unfortunately there is no easy solution.... more
Talk to your agent and read your contract. If the contract was contingent on financing, then you reasonably should have known that this was a possibility. If it was not contingent on financing, then you maybe entitled to the deposit and/or other damages.... more
Hi Jennifer- Your speaking of two separate things; An apraisal and your assesment. Your assement is what the county bases your taxes and on and does not affect your value of your home. I have seen homes sell for well above assement as well as well below. The market will dictate what the value of your home is.... more
There is no way to sell a house FAST without doing an aggressive price valuation to make it sell fast. Unless you sell it yourself you should be prepared to pay some company a commission to sell it for you. There are people who will buy your home too, but understand they are not going to give you anything near top dollar, more like 70% of its value - but its sold. If you have a lot of equity this can work, if you have no equity or if the house is worth less than you owe, then you are going to have to go the short sale route.... more
Century 21 New Millennium: #1 Firm in the US
Cell: 202 704 1249
Fax.: 202 204 8419
5990 Kingstowne Towne Center/ Alexandria, VA 22315
Licensed RealtorÂ®/ NAR
English â€“ Spanish - French
"It only costs you to get the Best Deal
when I negotiate for you."... more
Call their broker. Voice your displeasure. Ask to improve the working relationship. Give them a chance to fix the problem, if not ask for a termination of the listing contract and then find another agent who comes highly recommended from other people you know and trust!... more
Here is an article that I found on Cap Rates in Richmond VA in 2009. Unfortunately, appraisers look at the cap rate when appraising multi-family properties, therefore, the saavy buyer or a buyer with a saavy realtor will take that into consideration when looking to purchase property in today's economical environment. You will need to weigh the pros and cons of selling in today's market and decide if the time is right to sell for you..