House vs. Rent in Some Areas ... My Short Sale ExperienceTopic: Home selling
Let me get this straight... if you fail to pay property tax, then they can take your home? ... even after you have paid the deposit and entire mortgage all these years?...
if so, then it sounds like a bad deal for where we live out Eastern US
out here, average property tax is $8,500 + $1,500 for property insurance on a average 250K house...
rent on a 2 bedroom is $1800.00 per month and includes heating ...
so for a 250K house that is 10K per year or 833.00 per month in property tax + prop ins. and 638.00 in interest = $1471.00 (mlcalc.com)
ohhh... there's heating $3K per year = 250.00 p/m + $1,471 = $1,721 p/m
that is money you will never see again... just like the $1,800.00 p/m for rent...
that does not include the 20% down payment and the rest of the principle...
This all came about after a terrible experience looking at short-sale homes this weekend and listening to one guy tell me how the banks shut him down after he paid and after he became disabled. The other short sale house I saw was trashed to no end after they got evicted. So if you can miss a payment toward the end of your mortgage or miss property tax and banks like BOA and Wells Fargo will simply play hardball with you and kick you out...
it is very sad out there for 65% of homes for sale are short-sales where the house is worth a lot less than the remaining mortgage balance!
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Hi Melissa! Welcome to the wonderful world of real etsate! That's a great question for you to ask your RE Teacher. Also, are you planning on working with a large re company or an independent? My suggestion is start off with a business plan. Notify your sphere of influence .tell your family, friends, neighbors, so they will tell their family, friends, neighbors, etc., send out announcement cards, then follow up with phone calls to your sphere. Word of mouth is the best advertising and it's free. Try to get a listing so you can meet buyers. If you can't get a listing soon, offer to do as many open houses for other agents as you can. Get out there and network. Go after expireds and fsbo's. Have many things going on at a time because wasting time means there's a gap between paychecks. I have quite a few active buyers right now, some I have just recently met and others I have been showing properties to for the past 4 to 5 months and some longer. Anyway, typically, 45 days to closing and then you get paid. Good Luck .any questions, feel free to email!
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That's a crackerjack anewsr to an interesting question
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Is this truly estate tax or your iocnme tax bill from cashing out a 401k/IRA that you inherited?If it is and iocnme tax bill, there is really only one way to make it go away: Pay it.
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