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For Loan Seekers, Preparation Is More Important Than Ever
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Tell the managing broker that you are 800 miles away and need these updates about the selling process. You are not at the house or even nearby and need to stay informed. The market may be slow, but you would like to know exactly what your agent is doing to sell the home.
You should list your requirements, talk about the e-mail you sent and ask the managing broker to speak to your agent to see if she's up to the task. If your agent decides she really isn't up to working with an out-of-state client, then you should ask the managing broker to find someone else familiar with the neighborhood and building who would be willing to give you regular updates.
Maintain a polite tone of voice, but be clear with the managing broker that you expect something to happen within the next day or two. You don't want to let this sit and fester.
If nothing happens, then it would be appropriate to ask the managing broker to find someone else who is more willing to work with you for the remainder of the listing. Or the managing broker can simply cancel your listing agreement, and you can change brokerage companies.
When it comes to selling condominiums, I've found that there are usually one or two agents who typically "work" a big condo development. If your mother's condo is in a large development where one or two agents control most of the sales, these agents represent many of the owners who decide to sell. If this is the case for your mother's condo, you would be wise to find out who these agents are and talk with them.
I have two primary homes but would like to buy another. A friend wants to live in one of my primary homes and pay me rent. How do I structure this in order to deduct taxes and interest on all three homes? I was thinking of setting up a sole proprietorship on my current home that's to be leased out to my friend. Also, if the homeowners association does not allow tenants, can I get in trouble with the law if I rent out the property?
No one can have two "primary" homes. The word "primary" means first. The home in which you live most of the time is considered your primary residence. The other house you own is your second home, or perhaps a vacation home.
The IRS permits taxpayers to deduct the interest they pay on up to $1 million in mortgages ($500,000 if married and filing separately) and $100,000 in home equity loans ($50,000 if married, filing separately) on your primary and secondary residences, with some restrictions. Likewise, real estate taxes paid on a primary and secondary residence are generally deductible.
So now you want to buy a third "primary" home. There is no provision in the IRS code for deducting the interest and taxes on a third "primary" residence. In fact, it sounds as if you are about to start being an investor in real estate. If your friend pays you rent, you can claim that property as an investment. You'll be able to write off the expenses of owning the property (mortgage interest, insurance, taxes, maintenance, etc. along with other investment benefits) against the income you receive from your tenant.
You may run into a problem with your homeowners association. If the association does not allow rentals and you rent out your home, you run the risk of being fined by the association, or worse. It could sue you for violating association rules. You don't want to go there.
I recommend that you sit down with a knowledgeable real estate lawyer who can discuss these issues with you in detail and provide a workable structure for what you're trying to do. For more details on tax deductions, please go to http:/
We are looking to consolidate our debt. Our mortgage lender turned us down for a home-equity line of credit. What are our other options? We have only been in our home for 1 1/2 years, so there is not much equity. We applied for other loans from the same lender and have been denied. Should we try other lenders?
