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Deducting Property taxes |
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Are Katy - West Houston property taxes deductible?
Property taxes on all real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
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Last Updated ( Wednesday, 13 August 2008 )
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property taxes - how they work |
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How do property taxes work?
Katy - West Houston
Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.
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Last Updated ( Tuesday, 29 July 2008 )
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Are seller-paid points deductible? |
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Are seller-paid points deductible?
As of Jan. 1, 1991, homeowners have been able to deduct points paid by the seller. This deduction previously was reserved only for points actually paid by the buyer.
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Last Updated ( Tuesday, 29 July 2008 )
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tips for negotiation |
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What are some tips on negotiation?
The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home.
Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for.
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Last Updated ( Tuesday, 29 July 2008 )
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what's seller financing? |
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What is seller financing?
Seller financing is when a seller helps to finance a real estate transaction by taking back a second note or even financing the entire purchase if the seller owns the home free and clear. Usually sellers do this when a buyer has difficulty qualifying for a conventional loan or meeting the purchase price.
Seller financing differs from a traditional loan because the seller does not give the buyer cash to complete the purchase, as does a lender.
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Last Updated ( Tuesday, 29 July 2008 )
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two most important factors when selling a home |
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What are the two most important factors when selling a home?
Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer.
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Last Updated ( Tuesday, 29 July 2008 )
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list vs. sales prices |
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What is the difference between list and sales prices?
The list price is how much a Katy - West Houston house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions.
If you are a seller, you may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.
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Last Updated ( Tuesday, 29 July 2008 )
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How does someone sell a slow mover? |
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How does someone sell a slow mover?
Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home.
If you are selling in a slow market, your first step would be to lower your price. Also, go through the Katy - West Houston house and see if there are cosmetic defects that you missed and can be repaired.
Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet.
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Last Updated ( Tuesday, 29 July 2008 )
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How is the price set? |
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How is the price set?
It's very important to price your Katy - West Houston home according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood.
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Last Updated ( Tuesday, 29 July 2008 )
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low offers info |
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Is a low offer a good idea?
While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer.
Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:
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Last Updated ( Tuesday, 29 July 2008 )
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how to get financing for foreclosures |
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How do you get financing for a foreclosure?
One reason there are few bidders at foreclosure sales is that it is next to impossible to get financing for such a property. You generally need to show up with cash and lots of it, or a line of credit with your bank upon which you can draw cashier's checks.
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Last Updated ( Tuesday, 29 July 2008 )
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closing costs - who pays? |
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Who pays the closing costs?
Closing costs are either paid by the home seller or home buyer. It often depends on local custom and what the buyer or seller negotiates.
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Last Updated ( Tuesday, 29 July 2008 )
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Why do I need a title report? |
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Why do I need a title report?
As much as you as a buyer may want to believe that the Katy - West Houston home you have found is perfect, a clear title report ensures there are no liens placed against the prior owners or any documents that will restrict your use of the property.
A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you.
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Last Updated ( Tuesday, 29 July 2008 )
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What contingencies should be put in an offer? |
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What contingencies should be put in an offer?
Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.
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Last Updated ( Tuesday, 29 July 2008 )
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standard contingencies |
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What are the standard contingencies?
Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.
As a buyer, you could forfeit your deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.
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Last Updated ( Tuesday, 29 July 2008 )
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whose obligation is it to disclose info about property? |
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Whose obligation is it to disclose pertinent information about a Katy - West Houston property?
In most states, it is the seller, but obligations to disclose information about a property vary.
Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to you.
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Last Updated ( Tuesday, 29 July 2008 )
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sellers disclosing terms of other offers |
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Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
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Last Updated ( Tuesday, 29 July 2008 )
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when does foreclosure begin? |
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When does foreclosure begin?
Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction.
A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale.
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Last Updated ( Tuesday, 29 July 2008 )
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selling a home for less than its mortgage |
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Can a home seller sell a home for less than its mortgage?
Yes, in some case you can sell your Katy - West Houston home for less than what you still owe on the mortgage. But it is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid.
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Last Updated ( Tuesday, 29 July 2008 )
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info. on filing consumer complaints |
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Where do I get information on filing consumer complaints?
For information about filing consumer complaints, look to these sources:
* Consumer Federation of America, 1424 16th St. N.W., Suite 604, Washington, DC 20036; (202) 387-6121.
* United Homeowners Association; 1511 K St., N.W.; Washington, DC 20005; (202) 408-8842.
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Last Updated ( Tuesday, 29 July 2008 )
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info. on closing costs |
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Where do I get information about closing costs?
For more on closing costs, ask for the "Consumer’s Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.
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Last Updated ( Tuesday, 29 July 2008 )
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determing a homes value |
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How is a home's value determined?
You have several ways to determine the value of a home.
An appraisal is a professional estimate of a Katy - West Houston property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.
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Last Updated ( Tuesday, 29 July 2008 )
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market value vs. appraised value |
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What is the difference between market value and appraised value?
The appraised value of a Katy - West Houston house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300.
Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.
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Last Updated ( Tuesday, 29 July 2008 )
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How many people sell their homes themselves? |
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How many people sell their homes themselves?
Most home sellers -- about 4 in 5 -- use real estate agents to list and sell their homes. Of the other 20 percent, some sell FSBO, also known as For Sale By Owner. Other owners, however, sell without marketing their homes. Property transfers between family members account for some of the direct home sales. Also, tenants are often offered the opportunity to buy the property they are renting before the landlord lists it for sale.
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Last Updated ( Tuesday, 29 July 2008 )
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what to tell my real estate agent |
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How much does my Katy - West Houston 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.
Agents working for buyers have three possible choices: They can represent the buyer exclusively, called single agency, or represent the seller exclusively, called sub-agency, or represent both the buyer and seller in a dual-agency situation.
Some states require agents to disclose all possible agency relationships before they enter into a residential real estate transaction. Here is a summary of the three basic types:
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Last Updated ( Tuesday, 29 July 2008 )
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