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March 2014

Found 4 blog entries for March 2014.

 

If you’re thinking of buying a foreclosure, your main reason is obviously that you’re going to get a really low price. But is it a good deal? Maybe. Before you jump in feet first, though, there are a few things you’ll need to think about. First and foremost, there are almost certain to be issues with the property. If there’s nothing you can’t live with in that regard, there could still be difficulties with the purchase.

 Property Problems

 Right now, in some areas of the Country, you can buy a house for a dollar. But would you want to? Some issues with foreclosure properties can be extreme, others not so much. Here are some things you’ll need to consider:

  • Poor Maintenance: The former owners were unable to pay their mortgage, so the likelihood
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It probably seems obvious that as interest rates increase, the demand for housing will slow. In September of 2013, home prices rose by just over 13% when compared with 2012, but it was a double-edged sword, because growth slowed in many cities.

What Does This Mean to the Average Homeowner?

Rising property values mean that property owners who are currently over-mortgaged (i.e. they owe more than their homes are actually worth) have some hope of regaining equity in their homes. To the potential homeowner, however, it means that housing has become less affordable.

Mortgage rates have, obviously, increased along with interest rates. Homebuyers are cautious, in many cases preferring the “wait and see approach,” hoping for a decline in interest rates.

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If you own business or investment property and want to reduce or eliminate the amount of capital gains tax that you will pay on the sale of your property, you should consider the benefits of participating in a tax-deferred 1031 exchange.

  1. How long do I have to identify replacement property?
    The replacement properties must be identified within 45 days after the sale of the relinquished property. This requirement is strictly enforced and no extensions are possible. Identification must be in writing, signed and dated and received by the Title Company no later than 45 days after the sale of relinquished property. Replacement property must be identified unambiguously. Usually, either a legal description or a mailing address is sufficient.
  2. How long do
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When a real estate agent suggests staging your home, it means exactly what it sounds like – you’re setting the stage to show your home at its best advantage, in order to sell quickly and at the best possible price.

Potential buyers want to look at your house and begin to imagine what it will be like to live there, to picture their family and their possessions in this setting. So, here are a few of the things you’re going to have to do (or hire a professional to do for you):

Depersonalize

First, you’re going to have to remove everything from the home that suggests you live there. Remember, you are not a part of the picture your potential buyer is creating in his or her mind. You need to put away any family photos, toys, pet dishes, sports

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