Can I use an agent for a new home? Yes, however buyers should be aware of the differences inherent in working with sales agents who are employed by the developer, rather than traditional real estate agents. Builders commonly require that an outside agent be present,…
How much does my real estate agent need to know? Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation….
Where do I get information on IRS publications? The Internal Revenue Service publishes a number of real estate publications. They are listed by number: 521 “Moving Expenses” 523 “Selling Your Home” 527 “Residential Rental Property” 534 “Depreciation” 541 “Tax Information on Partnerships” 551 “Basis of…
Are taxes on second homes deductible? Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax adviser for specifics. Do all loans require impound accounts? If you are taking out a FHA or VA loan,…
Can you buy homes below market? While a typical buyer may look at five to 10 homes before making an offer, an investor who makes bargain buys usually goes through many more. Most experts agree it takes a lot of determination to find a real…
Do I need a home inspection? Yes. Buying a home “as is” is a risky proposition. Major repairs on homes can amount to thousands of dollars. Plumbing, electrical and roof problems represent significant and complex systems that are expensive to fix. How do I find…
Do you have to buy HUD homes through a realty agent? You can only purchase a U.S. Department of Housing and Urban Development property through a licensed real estate broker. HUD will pay the broker’s commission up to 6 percent of the sales price. Are…
What are the pros and cons of adding on or buying new? Before making a choice between adding on to an existing home or buying a larger one, consider these questions: How much money is available, either from cash reserves or through a home improvement…
