A lease option, also called Rent-To-Own Property, is where you rent a property and have the option of purchasing the property after a period of time. A portion of your rent money would go towards the purchase price if the option is exorcized. This is called a Rent Credit. Some lenders will accept rent credit as part of the down payment.... more
"Troubled" property sounds different than "Distressed" property:
Why are you being so cryptic?
If it is distressed, then drag a contractor along with you and have him compile an estimate.
If the problem is Liens, Encroachments, Title, Surveys and the like, then befriend your Escrow Officer and pick her brain.
In either case; get a Realtor to help you.... more
The main benefit of lease options is in an appreciating market. You can lock in a price with an option and lease the property for a few years and exercise your option at the lower price the property was at a few years ago. If the price falls, you can just walk away from the option without much of a loss.... more
Are you thinking about buying a house or renting out your basement? You have depreciation, taxes, mortgage deduction and improvements plus the greatest is rise in value as the market is going up finally. Good luck to you. Call an accountant and ask him and first start with your mortgage broker to see if they will loan you some money unless you are paying cash and in this market over 1/3 of buyers are cash buyers whether investment or personal residences. Good luck to you. Tom Inglesby, Broker RE/MAX Equity Gorup... more
One of the touted benefits of owning a home is, in fact, certain tax benefits you may get by virtue of home ownership. The benefits come in the form of allowed deductions. Yes, it will require you to itemize your tax return, but too many people (4 million+ by some estimates fail to take advantage of deductions they are otherwise entitled to take on their main and, yes, second home, which can cost them thousands of dollars needlessly.
While the main deduction you'll hear most about is the mortgage interest deduction, there are others too, including the following:
Mortgage insurance premiums paid in connection with your qualified home after 2006 may be treated as deductible mortgage interest.
Property taxes are generally deductible too. In certain cases and to varying degrees, home improvements may be deductible.
Prepaid interest and ‘points’ (also called loan origination fees, maximum loan charges, loan discount, or discount points).
Late payment charge on mortgage payment may be an eligible deduction.
Mortgage prepayment penalty,
Consult IRS Publication 936, 2011 and be sure to consult your tax professional too.... more
Dog owners come in all shapes and sizes and so do their dwellings. I wouldn't necessarily think that you need a larger home to have a dog in SF. If you know your breeds, you'll know that many dogs, including some larger ones, do not need lots of space and tend to lay around quite a bit. That is not to say that some people have not fully thought about the space they have before becoming a "parent" to their pet. I've also found that apartments here tend to be larger than in cities like New York so even if you're in a studio (a NYC 1 bedroom), there could be the right dog for you.
There are three ways to change title to a property legally. First one is to hire an attorney. Second one is to research and find out what the attorney would do and duplicate his steps. The third is if you are refinancing a mortgage or adding a second loan, the title company MAY do a complimentary change of title. I am not sure what you mean by "owner verification" .... more
We would suggest contacting Laurianna, a Wells Fargo private mortgage specialist , who works with many of our office clients. She is incredible at what she does, and so she can definitely help you answer your questions and possibly refinance that first mortgage of yours. Hope this helps.... more