Hi,We only owned our house for 12 months, and are having to sell it because of my new job. We'd be moving to a new city. If the sale results in a profit, do you still owe taxes on the gains in our situation? Home is based in Los Angeles CA.
House is 3/2.5 single family house in decent condition and needs some work inside, den, 2 car garage and a family neighborhood. Initial offer was made at 500k with 3% closing asking was 549k (Sellers bought the place in 2006 for 620k). But the selling agent came back saying they have 2 other offers close to asking price. We are very new to this, so this might be a naive question. Selling agents are usually honest about other offers correct? Anyways, after talking to our agent who says we should offer 540k so we did.Comps around that area are two houses sold in the last 3 months. 2 houses around teh same specs one sold for 570k and the other for 520k. The later is a foreclosure. This is premature i know because the offer has not been accepted, but if they counter again, i am not sure what the next move is. We do like the house, but 540 is right up near our maximum. Any advice knowing what little i gave you is welcome.
Hi we are putting in a offer today on a single family house. One of our agents that we worked with before said it helps to put in a warm and fuzzy letter explaining how you are responsible with good financials, fico scores etc. Does that really make a difference ? And is there a template that is used commonly for something like this? Care to comment anyone?
Thank you for the answers . The rate offered was 5.375 after charging a point.
Thank you for your answers. I will provide a gift letter as you suggested. I have one more question. I have repayments of hand loans that I gave to friends. What would be the procedure to document these during the closing process? Do i have to get their bank statements and letter verifying that as well?
I am getting a gift from my parents to pay for the down payment. Is it necessary to declare it in the loan process? Is it viewed as a negative while closing, if you do declare the gift on the application with a letter from the parents? Is there any other way to avoid this? Dont really want to declare it if i don't have to, unless the under writing process asks for an explaination of funds. What are my options?
Hi we are in the similar situation, and have opted for the FHA loan as funds available for downpayment are limited for us. We are putting down 3.5%.
Can i get some opinions on the closing costs quoted for an FHA loan. I am new to this process and would like to know what some of the experienced people think.550 K FHA Loan With 3.5 % down.FeeProcessing Fee $695Credit Report $15Estimated Outside FeesAppraisal $400Escrow $1200Points 1% $4909Tax Service $74Under Writing $650Flood Cert $16.00Wire Fee $45.00Recording Fee $40.00Title Insrnce $900Prepaid Items1st Half Property Taxes TBD3 Months Tax Impounds 975.631st Year Prop Insurance 800.00Total : $8944+ Down payment