I have been seeing this infomercial quite often and I’m interested in it, but I am unease about its claims. The infomercial claim that its program teaches you how to buy a tax foreclosure home and gives you advice on how to find them. But doesn’t something like that-or anything that involves taxes-should be handled by a tax attorney. And can you actually buy homes and lands so inexpensive; are there hidden costs that invoves in these treansactions.
I know the program is cheap, but is it worth it?
I am really looking to start investing a little of my money into revenues such as real estate.
Can this be the strategy I should consider?
I asked a previous question about taxes and escrow and noticed that a few responders recommended seeking advice from a real estate attorney. I’m still very early in the buying process for a home that would cost less than $200k. From a cost perspective, does it make sense to retain an attorney? What are the advantages?
I am trying to purchase a home and just ran into a BIG problem. The home is 7 years old and it is a foreclosed property valued on tax record at $240,000 but for whatever reason they were only asking $169,000. I offered them $115,000 and they accepted.
The original purchase agreement was signed in early November 2009. I gave them the earnest money of $1000.00 and everything seemed normal. We then had to sign an amendment to the PA on 11-28-09 giving the seller/bank till Feb. 2010 to locate a POA (power of attorney) or I could back out after that if I choose to. They apparently located a POA and then we signed another agreement stating we would close on or before Jan. 15 2010.
On the first purchase agreement my real estate agent had me sign at the time of the offer it said I would be going with an “in-house loan with a minimum of 5% down”. This was just him speculating given we didn’t know what direction we would go for sure at the time. I had a letter from my banker stating I was approved for financing just not what kind of financing and it gave no dollar amount but it satisfied as a pre-qualification letter. My banker doesn’t have a problem doing this because they are fully aware of my finances and know for a fact I will get approved.
After they located the POA my banker and I started moving forward quickly. We decided that an FHA loan would work best given that rules for in-house loans had just changed and now required 20% down. I was approved for financing and the appraisal was scheduled. The seller/bank got word of this and decided not to accept an FHA loan as funding for the sale. They also refuse to extend the agreement to accommodate getting the in-house loan done.
My theory is that maybe FHA has issues with “as-is” homes… the home has 2 cracked windows and the carpet isn’t great in a couple spots but acceptable…would that pose a problem that the seller may not want to deal with? Other than that it’s a brand new house. My second thought is that maybe throughout this process they have become more aware of the value of the house and want this to fall through so they can relist it and get more money for it.
Should I hire an attorney to fight this??? Or am I just out of luck given the original agreement said I was going with an in-house loan?
It does however say in the contract that:
“buyer may obtain financing from the lender of buyers choice. Within 72 hrs of execution of this counterproposal by buyer, buyer will either apply for financing or provide evidence satisfactory to the seller that a lender has per approved the buyer for financing”…I did this by giving them the letter from my banker stating I was approved. The letter just didn’t say from what source or an amount but the seller did accepth this letter as proof like they asked. What do you think?? Do I have a shot at fighting this? I REALLY want this home. Thank you for reading all of this information.
Date : February 22nd, 2010Category : UncategorizedAuthor : Editor5 Comments
Product Description The decline and instability of the financial market has led to a white-hot market in real estate. Millions of investors are moving their money from equities to real estate. As the rate of transactions increases sellers are discovering that there are some tax surprises associated with selling real estate. The two primary tax considerations are capital gains and recapture of depreciation. Between the two, Federal and State taxes can be as much as one third of the profit on the sale of a property. Both individual investors and real estate professionals can discover legal methods for deferring or eliminating these taxes by reading this book. Selling Real Estate Without Paying Taxes is a non-techn… More >>
Amidst the Real Estate & Mortgage Meltdown; Foreclosure Fraud & Scams; Real Estates Future is Great. First Time Home Buyers, FHA Loans & Seller Paid Closing Costs. Go To http://RealEstateMarketingT…
Amidst the Real Estate & Mortgage Meltdown; Foreclosure Fraud & Scams; Real Estates Future is Great. First Time Home Buyers, FHA Loans & Seller Paid Closing Costs. Go To http://RealEstateMarketingT…
We bought our place 6 months ago and just got the second half cook county, il tax bill that is 5k over what we got during our closing. do i have any recourse to sue for the difference from my attorney?
First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingT…..
New York City Real Estate Lawyer Daniel Gershburg discusses simple ways to deal to have new construction developments in Brooklyn, Manhattan, Staten Island, and Long Island pay your transfer taxes,…
Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To http://RealEstateMarketingT….
I am planning on buying my mom’s house for what she owes on it. There is a lot of equity in the house. When I sell the house in a few years, I want to give her back the equity that is currently in the house, but I don’t want to be taxed for this. I guess you could say that she is loaning me the money until I sell the house later. Then I have to give it back.
What kind of attorney would I need to talk to regarding tax implications and this kind of “loan”? I want to protect both my mom and myself.
Thanks
Proskauer Rose attorney Donald Liebman talks with The Real Deal about why tax assessments are rising in New York City while property values are declining.
