Cosigning, sales and 1099's...cosigned for son and he sold the house today. Will the IRS give me problem? Real Estate |
- Cosigning, sales and 1099's...cosigned for son and he sold the house today. Will the IRS give me problem?
- When considering home buying, how important are macro trends?
- [US-CA] Questions about choosing a lender
- 26 offers and lost on how to choose!
- I don’t believe these lenders…
- Interested in buying both units of a duplex but they each have separate deeds
- What are your top 5 Real Estate software that you can't go without?
- I'm interested in a home in pre-foreclosure
- Forgot to write something on the disclosures
- Novice question: reasons for owning your house as an LLC?
- Bay Area refugee here — where to buy?
| Posted: 31 Jan 2022 08:39 AM PST My son bought a house 6 years ago and I cosigned the loan and was named on the deed. I did not put a dime toward the purchase of the house, or towards any mortgage payments or taxes or repairs. My son claimed all of the interest and taxes on his income tax. I was strictly a cosigner because he was in a new job at the time. Today at the closing for selling this property, at a game, they made me sign a 1099. The payment should be issued and only my son's name. Will I have to report any of this on my taxes? I'm assuming the 1099 will show a zero. Everybody assured me it will be fine, but I just don't want any headaches. I know it's too late, but just wondering. [link] [comments] |
| When considering home buying, how important are macro trends? Posted: 31 Jan 2022 08:24 AM PST At least once a year for the last 15 years, I've considered buying a home. Every time I look at the market, I have the thought "I should have bought last year." I am currently at a place in my life where home ownership makes sense (apparently everyone else is too). The market is more insane than ever. Many people say, "this is a bad time to buy." While others say, "It's not going to get better." I know where I want to live and what I want. Should I ignore the macro picture, get the best deal I can at the moment. Or is it smart to be patient, wait a couple of years and continue to pay rent (which will likely increase with the rest of the market). [link] [comments] |
| [US-CA] Questions about choosing a lender Posted: 31 Jan 2022 08:22 AM PST Currently making offers. We have pre-approval from a local lender, including underwriting. Once we get an offer accepted, I plan to spend a couple days doing as much rate shopping as I can.
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| 26 offers and lost on how to choose! Posted: 31 Jan 2022 08:17 AM PST How to choose after receiving 26 offers over the weekend First time seller here …… This weekend we showed our house in a hot market and from 55 showings, received 26 offers. My top 3 are as follows VA Loan, 30K over asking, appraisal waiver and repairs waiver, 10K due diligence Cash, 18K over asking, no inspection, 10k due diligence Conventional Loan, 21K over asking, appraisal waiver, 20k due diligence Any help would be appreciated! [link] [comments] |
| I don’t believe these lenders… Posted: 31 Jan 2022 07:37 AM PST TL;DR: I was part of the 2008 subprime lending housing crisis so I'm slightly terrified around selling my house and buying a new one. I feel like I'm doing my due diligence but trust nobody. Any pointers here? . The TL… So I bought my current house in 2001 at 23 with my wife. We made massive mistakes. Subprime loan, interest only second loan (so stupid) and 5 years later we paid credit card debt with a hone equity loan, my god… the second worst decision I made in my financial life. I have a whole side story about how we ran through Bank of America, we had a 7% loan, ended up getting a loan mod 6 years ago for 3%… and we're currently far better off. So fast forward 17 years, we don't have much principle paid off at all but we do have a ton of equity thankfully due to the area we live in and the current climate. So now, we want to capitalize on this place. We've kept the house in great shape new appliances it's great. Our real estate agent says it will sell in a weekend he's highly confident that we'll make a good chunk of profit. We've confirmed based on comps and the prices per sq ft. Now, we're looking at what's probably our dream house. It looks incredible. It's MASSIVE and it checks every box. Our debt to income is (to quote our lender) incredible. We've worked very hard, we have no debt outside of our 2, 12+ year old cars and or mortgage. We also have great credit now. So we got approved for a jumbo loan. That loan requires 20% unless we're willing to pay pmi. We'd be about 20k short BEST CASE SCENARIO when we sell our contingent house. So when We start talking PMI my heart sinks I'm terrified I'm going to allow myself get fried again. If I can't put down 20% even though the mortgage falls well below my 28% "they" say is acceptable… am I setting myself up for another tragedy? The intangible part is I know this is a dream home for my family. We wouldn't be able to go on our crazy vacations, we won't have fancy cars (never will I though, I don't believe in dumping into depreciating crap like cars) Should I pull out of my 401k to supplement this down payment? I refuse to borrow from family…. I've ready about the second loan option too, but that seems ignorant too…. The smaller loan being a higher interest rate. Very reminiscent of 2008 again freaks me the hell out. I've not been involved in real estate in 20 years I'd love your thoughts feedback and ideas. I want to make sure my heads not in the clouds maybe I need to be grounded. [link] [comments] |
| Interested in buying both units of a duplex but they each have separate deeds Posted: 31 Jan 2022 07:34 AM PST Hi there! Both units of a duplex are up for sale and I'm interested in buying the whole building. Even though their both owned by the same company, for some reason they have separate deeds / are being sold separately at different prices. Does anyone have any advice on how I should proceed? Is it possible to have a real estate lawyer somehow combine the deeds into one? Thanks in advance for any insights or help anyone might have on this matter :) [link] [comments] |
| What are your top 5 Real Estate software that you can't go without? Posted: 31 Jan 2022 07:29 AM PST |
| I'm interested in a home in pre-foreclosure Posted: 31 Jan 2022 07:26 AM PST There is a home in my small town that has been empty for about a year now. A local realtor that I talked to confirmed that it was in pre-foreclosure. I was able to get the bank information from a local city worker that is doing lawn maintenance on the property since there is a notice attached to the front door of the home with the bank phone number on it. I made a phone call and they informed me that the home was still under the home owner and they had not yet seized the property. The bank advised me to contact the home owner if I was interested in the property. I have tried but have had no luck in reaching the owner. I guess I'm asking what the next steps are? I know this can take some time but the home has already been empty for a year. I would say the notice has been attached to the front door for maybe 6 months. What would be stopping the bank from seizing the property at this point? This also isn't the home owners first foreclosure. [link] [comments] |
| Forgot to write something on the disclosures Posted: 31 Jan 2022 06:43 AM PST Before listing I told my realtor the issues and told her we had both problems looked at and quoted and we did not want to contribute money toward the issues. The buyer had an inspection done and the day of the inspection I messaged my realtor again to remind her of the issues and to tell the inspector to take a closer look at them. The buyers signed off on the inspection without asking for anything back. It wasn't until yesterday when I was reading through a disclosure on a different house where they listed the same issue I have and I panicked thinking how I must of completely missed the section to write it down. The issues at hand were regarding siding on the garage and a bouncy porch. What do I do? [link] [comments] |
| Novice question: reasons for owning your house as an LLC? Posted: 31 Jan 2022 04:57 AM PST Perhaps this type of post isn't allowed here but this is the first place I thought to ask it. Looking at the property records on my city's public GIS for a bunch of super nice homes, I notice that a number of them are owned by LLCs named after the address in question (ex 123 Jones Ave LLC). Why is this? I pretty certain these aren't rentals, but can anyone tell me the incentives to form an LLC for just owning your home? Is this just investing by someone with multiple or many properties or is this some clever rich-people-homeownering secret I've not been told about? Thanks [link] [comments] |
| Bay Area refugee here — where to buy? Posted: 31 Jan 2022 07:24 AM PST I love the Bay Area but the housing market is ridiculous here. Where else can I get good weather, beautiful nature, and progressive politics but doesn't cost as much? [link] [comments] |
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