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Jeffrey Spencer's Advice

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  • 10 Contributions
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  • 1 Helpful

Jeffrey Spencer wrote:

In Fl - can I purchase home w/o wife on deed or mortgage?

Answer
It would seem that your wife is not capable of contracting due to her state of health.  Most states contract law require a person to be of stable mental awareness and capable of executing a contract.Florida does allow for sole ownership, and a purchase with a non-family person is a simple contract with title as tenants-in-common.  This is important as survivor rights should pass to your heirs and not the surviving non-family owner.However it would be wise to declare your wife incapable, have a power-of-attorney executed, or have her sign a quit-claim deed for any ownership rights.
February 02 2010
(0)

who pays past due proptery taxes if the issue is not covered in the contract in tempe az

Answer
The seller is required to settle all debts before the transfer of a home in order to convey a clear title.  That is why we have title insurance.  If the purchase is already completed, the title company needs to be notified.
February 02 2010
(0)

I bought this home when built in 1979. Need to know what I paid for it and how much I sold it for.

Answer
The best and most accurate way is to go to the County Recorder.  Look up the address and it will give all the info necessary.
February 02 2010
(0)

How do I actually estimate the value of a house which is in bad disrepair?

Answer
Sounds like a total rehab.  But remember to consider only structural repairs as part of the deduction from value for the purposes of estate.  Painting may be a selling point, but is cosmetic.  So are many other upgrades.  These do afect market value, but your estimations are being based on probate, which generally invokes a cost basis valuation.A general contractor can give you a true estimate of repairs and then use that to deduct from the stated market value.  The cost of a rehab may actually be more than the value of the house.
February 02 2010
(0)

how difficult/expensive is to convert your home to a legal 2 family?

Answer
This is best told by your planning department.  It depends on the zoning.  If the zoning is for only 1 unit per lot, you may have a difficult time.  Remember that notice has to be given to neighbors, then it has to be on the agenda and given public notice for testimony.  Sometimes an in-law quarters are allowed even though it is single zoned.  Then you would have to deal with the building department for inspection according to all the codes.The whole process could take a year before you could swing a hammer.
February 02 2010
(1)

I would like to buy a half acre of my neighbors 2.5 acres of land. How do I find the going price?

Answer
A good place to start is to look at the recent sales data at the tax assessor's office.  They break down assessed value by land and improvements.  Look only at the land value, and only look at 6-12 months of recent data.  Then calculate the price by dividing into the lot's square feet.  That will give you a price per square foot.  Then get an accurate measurement of the land you want to buy, multiply by the cost per square foot, and that should be your offer.
October 15 2009
(0)

I BELIEVE YOU HAVE MY HOUSE WAY UNDER PRICED. - PRICES ON MY NEIGHBOR'S HOME WENT UP-NOT MINE.

Answer
AgentBob - Then I do not see the value of having a Zestimate.  I have the same problem and I try to keep info up to date.  Why should I even try?  What would make anyone trust the value estimates if they are so far off?
October 15 2009
(0)
How is it that this home, which is half the size, is worth more than my home?
This is directly across the street and is a smaller lot.  His info is correct and value is about right.  My home is the one that is way off.
October 15 2009
(0)