Foreclosures Help Information

Posts Tagged ‘foreclosed property’

Buy Foreclosed Property

Question: If I buy a foreclosed property, what will the property tax be?

I'm looking at a home that is for sale at about 1/4th the last sale price. If I buy this home, will the county (San Joaquin) set the tax at what I paid for it or what it used to be? This is important since my monthly costs have to include some money for the property tax.

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Answer: Under Prop 13, the property valuation typically is controlled by the selling price of the property. However that's limited to "arms length" transactions, not necessarily to distressed sales. Check with the county first to see what they will value the property at. A 75% loss of equity would seem extreme, even on the Left Coast.

Buying a Foreclosure: Top 10 Mistakes Buyers Make

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Michigan Foreclosed Property For Sale

Are you planning to buy foreclosed homes? You may search through the government’s HUD program or check out the bank-issued auctions available. Whichever of these appeals to you, rest assured that you can save more money by buying foreclosed homes.

As a contractor, you must know the type of market conditions you are in. No one will tell you which among the foreclosed properties will be sold and which will remain unsold. The ROI or Returns on Investment is also unpredictable. You will never know if the foreclosed homes you choose have the highest sales of your investment. Better yet, you may consider having it rented than selling the property. You should not feel confuse on buying foreclosed homes because they are not different to your purchase of your dream home.

You can tell if buying foreclosed homes is a boom or bust depending on your understanding and evaluation of its sales. If this will be your first time to engage in foreclosure deals, you might wish to undergo training or consider first the following criteria:

When buying a foreclosed home, you must identify the property location. Check the reputation of the surroundings as well as the nearest schools. You may also conduct a research on the rent potential of the properties in the area. By doing a research, you do not only get to learn the location of a foreclosed home, but also learn its price.

You can ask yourself a series of questions like: Where is it located? What type of surroundings does it have? Is it big? When you are able to answer all these, you can now come up with the long-term feasibility of the property.

The reputation of the nearest schools is also a qualifying factor because time will come that you might consider selling the foreclosed home to a family. The parents will consider their children’s welfare in sending them to the nearest schools.

The amount of rental fee in the area should also be your basis in purchasing foreclosed homes. You will come up with a short-term prognosis when you conduct research on the areas. It is only until then when you will determine your potential gains from rent. You may also contact your real estate agent to seek assistance on this matter.

While you can read some information posted on the door of the foreclosed homes, they are not enough to answer all your queries. It will take you some time to do your own research. So it is still good to turn to real estate professionals who can guide you all throughout the buying of properties. They are sure to have the information you need about the properties as well as the area it is located. If their information is not enough, they are willing to research on the specific information you need.

All of these should be taken into consideration so as to help you avoid buying of wrong foreclosed homes. By taking every possible step before you purchase the properties will earn you more sales profits especially when you plan to renovated the foreclosed homes with a modern touch of style.

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Source - Foreclosed Homes Boom Or Bust?

Detroit Foreclosed Homes For Sale

Tax Foreclosed Property

Question: about to foreclose paid my property taxes can i write this off this year on my taxes as well as intersest?

Wondering if i can write off this year my property taxes paid and my interest on mortgage paid ? even if im in default and most likely will need to foreclose ?

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Answer: You can deduct the taxes that you paid in the year that you paid them (i.e. 2005 taxes paid in 2006 can be deducted on 2006 taxes) if you file itemized. Your mortgage interest is deductible as well.

I do not believe that you can deduct the interest or penalty. It is a deduction for "other taxes paid."

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