Last year 2007 I went for an amazing trip to Yucatan in Mexico, I am so glad I did as I ended up purchasing my first piece of Mexico Real Estate, yes that’s right Merida Yucatan Real Estate.
On Day 2 of the trip John and I went to a realtor just as they were closing and asked to see a short list of Yucatan properties, he was more than happy to take us so the next day we had an early breakfast, John had bacon and eggs saying he always bought investment homes in the US on a full breakfast as he was an expert on real estate I thought he was right and had a fattening breakfast too.
The realtor met us at the hotel which was really nice as due to a mess up we had to move hotels to a different location, he said that Merida Centro was a good choice and clearly explained the benefits of the area it was great, we also asked some young people about the area as we find they are generally pretty honest about what they think of things and we thought if there were any problems with the neighbourhood the kid’s would know.
Having seen three properties in Merida we decided we wanted something big enough for a small pool either a swimming pool or just a plunge pool for a cool dip on those hot days. We also loved the beautiful colored tiles on the walls of most homes and decided these were our 2 wants. I remember it well at 2 pm the Yucatan Real Estate agent drove us up to a small fronted home with a classic gated door, wow I thought if it has this much character on the outside what will the inside look like, the home was listed for $65,000 USD the agent thought it was a good deal. We walked inside and looked around wow great potential our hunt for a piece of Yucatan real estate may be over as this was beautiful. The hallway entrance area lead to three different rooms, it was hard to tell what they had been used of as the house had been empty for sometime but it had tiles everywhere, this lead to a large rear garden that was fenced with a solid wall around so no one could see in (except the friendly Yucatan neigbours).
Long story short John and I went back to the office and made an offer of $45,000 the agent was a little shocked at our offer but was more than happy to take it forward, we ended up agreeing on a price of $55,700 as the owner wanted it sold. This gave us extra funds to renovate and we have already used the property for one holiday, really a renovation vacation. My dream is to get it finished so relatives can stay. I will update you with pictures when I get a chance on my little Yucatan real estate. PS I love Merida Mexico!
Cheers Rachel M
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Does anybody know exactly what happens to your credit after a real estate short sale?We were recently married, each came to the marriage with a home. We are selling one and are not in foreclosure but for financial reasons we need to unload the house. There is no way we will sell it for what we owe, we are in the suburbs of Detroit, Michigan. Home values continue to decline. Wonder if anyone had done a short sale in a similar situation and what your credit looked like after. It is my husband house entirely in his name and he currently has near perfect credit. Thanks in advance!
Depends on when it was sold I think. If the estate sold it and then distributed cash to you and sibling, then that's just part of the estate distribution and no tax due. If the estate distributed the real estate to you and sibling, you have a "basis" (amount paid) equal to your share of the value. If you then sell it, you will have either gain or loss for the difference between your basis and the selling price. Probably worth the $$ to get some professional advice if the amounts are big.
"Prime" real estate & "difficult location" should not be in the same sentence.
Prime real estate is Prime real estate because it has the best of everything, especially Location!
Have you been a "for sale by owner" for 2yrs? If not, you're real estate agent is NOT educating you on market conditions & proper pricing.
If you are already in the foreclosure process you probably have about 2-3months left to actually sell it.
Drop the price!!!
If it doesn't seem possible to make a profit after costs & commissions, inquire your agent about getting into a "short sale", where the bank will accept LESS than you owe. Doing a short sale won't harm your credit as bad as actually going into forecloure & the bank owning it.
Make sure your Commercial Realtor is advertising your property on the nationally known websites for commercial properties at http://www.propertyline.com or http://www.loopnet.com
The reason it is called subordinate is because it is secondary to the first loan. There is definately some risk involved. If the property is forclosed on, and sold at auction the first loan is paid, and the remainder of funds go to pay off each subordinate loan. You can still go after the defaulter for the remainder, but it may be hard to collect without legal fees. Most the time there are no troubles, but choose the buyer wisely.
HOW DO I BUY THIS HOUSE !!!!!!
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Don't buy a house only because there is a short sale involved or because it is a foreclosed property- buy the house you find that is the best house for the money! Even if you are only buying a rent house- only buy because the house seems to get you a very good cash flow.
I have been in real estate sales for 31 years and there is always a scheme for con men to entice people apart from their money.
A short sale may be involved in the purchase of the property you find—or it may not. It is foolish to think that is the only way to get a good deal.
Disclaimer: Consult your tax advisor
That said, if you lived on the land/in the mobile for 2 of the last 5 years as your primary residence, you might be entitled to the first $250k if single/$500k if married of profit without paying capital gains.
If you didn't live there in the last five years, you probably need to trade into something to defer capital gains taxes. Keep in mind that capital gains run around 20% of the profit and 80% of something is better than 0% of nothing.
Any investment that you do with the sales proceeds should provide you income or equity appreciation as well as tax benefits.
You could put your money into commercial or residential real estate, land (like a mobile home park), hotels, motels or whatever. Just perform your due diligence and work with licensed professionals.
If this was deducted as a 2nd residence, then your loss is personal and not deductible. In order to have deducted the loss, the property would have had to been held & OPERATED as an investment (rental) property, Sorry.
If you have any other questions, or need assistance, please contact me via my website http://www.slarson.com/contact or email me directly at Steve@SLarson.com
Figure 6% of the sale price to the brokers (not 6% of the gross profit but 6% of the sales price) which you can probably negotiate down since the sales price is clearly very high. Just a few % of the sales price for other fees – mostly taxes. I'll bet you can get out of the deal paying maybe 6-8% of the sales price (but I have no idea what NYC taxes run so I'm not really sure how that would affect the transaction).
I'd invest the money is a diversified group of well performing mutual funds. That should easily set you up for life assuming you live within your means (but alas your children will probably blow whatever is left – the downside of being rich I guess).
you cannot practice real estate without a license!!! this means anyone who is an unlicensed individual who sells a home, no matter who it's for/to, for a commission. if you don't have your licnese, and act as an agent, then you can/will be fined by the Real Estate Commission & LLR. the penalties vary from state to state.
you wouldn't practice law or medicine without a license,… same thing with real estate!