Many factors impact the calculation of a home value. The amount of land that comes with a home and its location are two important issues to consider. The home values of comparable properties also affect the home value calculation. Look here for more information about how to calculate your home value and how to improve its worth. There are websites that can assist you in determining the values of homes in your area and real estate agents can also come up with an estimated value for your home.
Real Estate Market Conditions: Favorable To Home Owners
Real estate market conditions used to be favorable to home owners. Home values were high and interest rates low, making real estate market conditions favorable to home owners. Now, home owners may feel glum about the real estate market conditions but they should improve after the presidential election. Real estate market conditions include interest rates and home values.
Rebuild House On Lot With Mortgage
A couple asks if they should tear down their ranch house while they still have a mortgage. They say many of their neighbors tear down their houses so their street has many new brick homes. They think they can rebuild and increase their home value by several hundred thousand. To determine is it's worth rebuilding, they need to estimate all those costs associated with rebuilding, including construction and alternative living arrangements.
Divorce, Fraud and Home Sale
When you get divorced you may have to sell your home. Depending on how the home was owned each spouse should receive a fair share of the home sale profits. If during the sale, your former spouse forges your signature on the home sale documents, it may be considered fraud. It's critical that you meet with a divorce attorney to understand your rights and ensure that you get the money that's due to you and the money from the home sale is handled correctly for taxes.
Seller May Cancel Sale Due to FHA Mortgage Requirement
When you buy a home with an FHA loan you have to follow their rules, including one where you can't close on a home if it was just sold 90 days earlier. If a seller is eager to sell he may not want to wait that long. Can the seller keep the buyer's deposit if the closing gets delayed or canceled?
Bankruptcy And Bad Credit Make Mortgage Difficult
After going through a divorce and bankruptcy you may find it difficult to keep making mortgage payments on a property that's not a primary residence, even if it's rented out. To prevent your credit from becoming more bad, you should try to keep making mortgage payments. Perhaps your former spouse, who's also paying part of this mortgage, can help you out until you have more income. Despite bankruptcy and bad credit, it's not a time to give up.
Interest-Only Loan May Be Right For This Retiree
Refinancing to an interest-only loan could be a good idea for homeowners planning to sell within several years. Having an interest-only loan while you upgrade the home can result in a big payoff when it's time to sell.
Tax Hints For Selling Rental Property
Homeowners lived in a home for 2 years and then rented it out for the past two years. They want to continue renting it out, but they will sell now if that's the only way to avoid capital gains tax. The IRS website is a good place to check for the tax implications before making any real estate decisions.
Mortgage Company Appraisal Comes In Low
A home seller accepted an offer on her home when the buyer's mortgage company appraised the property at a lower value. The rising level of foreclosures and defaults is forcing mortgage lenders to be more careful about appraisals and making sure homes are really worth what buyers want to pay. It might be beneficial to have another appraiser look at the house.