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Archive for December, 2010

Question by cliptonarkansas: what is the repurcution of breaking a real estate contract from an auction?
We bought a house at an auction and it has been a nightmare. The house was broken into and damage was done. The owner waited until past closing date to start fixing things. Now they are saying it will be another week until we can close. We want out of it now. It was broken into feb 17 and she only started fixing it yesterday. We live in Arkansas

Best answer:

Answer by c21bucks
I do not handle auctions, but here are my suggestions:

Check the agreement that was signed. If the settlement date was to take place on a certain day and it was not, there may be a way to be released from the contract. Sometimes if a settlement date is moved, both partied are supposed to agree to the change. If they changed the date without your approval, they are in default of the agreement. But I would not count on this as a way out.

Also, if you go to closing, make sure you get a final walk-through prior to closing. You want to make sure everything is fixed. If you have one, take a digital camera with you in case there is a problem.

If you want out, you may lose the deposit money.

Good Luck!

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Question by scottkd24: How can I get started in real estate investing without much money?
I am 24 years old, I graduated from college last year. I work as a contractor right now with some guys. I really want to be a real estate investor. I want to start with small rental properties, but all the money my wife and I make pretty much pays the bills and we don’t have much left over. Also, I never know how much I will make each week because work is unpredictable, so I know a conventional loan is pretty much out of the picture. Any advice anybody?

Best answer:

Answer by chatsplas
Patience and Perseverance.
BUILD your credit rating, SAVE for down payment. You need 3.5-5% down for most purchases. 0% down are a very BAD idea and gone now. If you buy property as investment, you need MUCH higher down payment and pay a higher rate. So start with a twoflat that you will live in, build up equity and buy another property later.

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Real Estate-Backed Securities

Real Estate-Backed Securities
List Price: 59.95
Price: 55.15

Management of Water Resources in North America III: Anticipating the 21st Century : Proceedings of the Engineering Foundation Conference : Tucson, Arizona September 4-8, 1993

List Price: $ 24.00

Price: [wpramaprice asin="0784401136"]

Question by Mr. Stone: What is the right level of real estate commission to pay on a multimillion dollar property?
I’m selling a house and I have conflicting information on what the real estate commission should be. It varies from 4-6% depending on who you ask.

Best answer:

Answer by cookies_n_cream0218
6% for listing the property. Then, it could be split between you and the buyer (you paying 3% to your agent, the buyer paying 3% to theirs), and probably no one will do it for less because your agent should spend a lot of time and $ $ $ $ marketing the property.

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Question by mcurry81: I’m a 2nd year real estate agent, how much is a reasonable amount in business expense write offs?
I’ve made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don’t want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one sell.

Best answer:

Answer by Spock (rhp)
your risk is that IRS will decide that your RE “business” is really a hobby and therefore that net losses aren’t deductible.

relax.

they won’t decide that until you’ve had three or more losing years in the last five.

take all the legitimate expenses you incurred, the net loss reduces your taxes due on any other income your family has.

GL

***
the question of whether you should spend the same amounts in the coming year is completely different and no tax person can advise you on that.

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Urban Economics and Real Estate

Urban Economics and Real Estate
List Price: 110.8
Price: 110.8

Question by Realny08: Is it possible to share MLS real estate listing with others for a fee?
My partner is a listed NY real-estate agent who is not practicing for the past 10 years. We are working on some properties in NY and so looking for sharing MLS listings with others for a fee. My question is it possible? And is it legal to do this?

Best answer:

Answer by alterfemego
You should check with your local real estate board.

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Question by weakestlink11: What questions should I ask a real estate agent about a house I’m interested in buying?
I am scheduled to meet with a real estate agent to look a a smaller home this week. Since I’ve never done this before, could someone advise me what would be some “essential” questions to ask regarding the property for sale? Thanks in advance.

Best answer:

Answer by paagent
You need to think of what is your wish list for this smaller home. If you find that you are interested in the home then you should request the sellers disclosure form, as this will give you a lot of information on the homes condition and upkeep.
As for other type questions you will find as you walk through the house there will be questions that will come to you, and do not worry if they sound like smart or dumb questions. Keep in mind that the dumbest question is the one you never asked. Asking is the only way to learn.
Good Luck

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Texas Real Estate Contracts

Texas Real Estate Contracts
List Price: 46.95
Price: 46.95