When you win a property in a contest you'll owe taxes on your winnings. How should you pay the taxes on a property you win? One option is to take out a mortgage specifically to pay the taxes on the property you win.
If you've decided you want to live in something new, you can buy a home in a new construction subdivision or buy a piece of land and hire someone to build a home to your specifications. Here are some smart steps you should take to ensure your built home meets all of your needs. The first thing to consider when building a home is location.
There are more good real estate agents than bad, but home sellers should do their research before selecting one. Real estate agents should have their clients' interests at heart, so home sellers should beware of bad apples. Home sellers should also beware of real estate agents who may be trying to buy their homes to flip them for an easy profit.
In a hot real estate market, homes are selling for more than 125 percent of their listing price. A buyer can navigate through a hot real estate market by hiring an experienced buyer's agent to represent them. Here are a few tips for buyers looking to purchase in a hot real estate market.
Possession is when you actually take control of the property. It is the last thing that usually happens in the home buying process, unless a special deal is made to allow the sellers to move out after closing, or for the buyers to get access to the property prior to closing. The seller might let you take possession early so that you can move in or get started on the remodeling. If you do close, and the sellers are keeping possession for a short period of time, you should put a portion of the closing funds into an escrow account at closing. These funds are an important piece of leverage you may need if the sellers decide perhaps they'll stay after all.
