St. Louis Homes Luxury Homes, St. Louis Real Estate, St. Louis Homes for Sale» St. Louis City

I owe more than my Mortgage, can I still sell it?

Phillip Vincent — Wed, 19 Jan 2011 18:33:50 +0000

It’s a hard reality but it happens a lot right now. Some of the people who bought in the mid part of the 2000’s owe more on the properties than they can sell them for in 2010. Our good fortune in St. Louis we were not nearly as affected by this trend like some other big cities such as San Diego, and Las Vegas. The Mortgage industry calls this process a “short sale” It can be a slow painful process. The Mortgage lenders do not make it easy.

It will be harder to sell if the loan has been sold to the secondary market, like Freddie Mac. A lot of these loans had low down payments, which means they had to pay PMI or private mortgage insurance. It takes patience agility lots of approvals and some praying to get these short sales done. It can happen and it a lot better than a foreclosure on your credit. I work with short sale specialist. I would be happy to refer you to a proven Agent.

Phillip Vincent for the Hermann London Group. 314-537-7445

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What are the rules for capital gains when I inherit a house?

Phillip Vincent — Wed, 19 Jan 2011 18:30:32 +0000

The good ole IRS looks at the home value on the day of the parent’s death. It does not matter if the home is paid for or has been in the family for 100 years. The children’s cost-basis will be based on the fair-market value.

Well what is cost basis? And what does it mean to me? Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold. Lets say there are two children, and one of them sold their share of the property to be divided equally, she or he must pay the capitol gains tax for whatever profit made over the one half of the new basis. You also have to factor estate taxes. If your estate is worth less than $675,000 you don’t have to worry about the death tax. There is no “death tax” in 2010, I hate to say it but, it’s a great year for the rich to pass away. It comes back in 2011.

A quit-claim deed is used a lot when a transfer of ownership taxes place between family members. One of the children might “buy out” the other. All the applicable parties must agree to lose one of the names from the title.

Please refer back to your tax attorney before making any decisions on this matter of inheriting a house.

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Are seller-paid points deductible in Missouri?

Phillip Vincent — Wed, 19 Jan 2011 18:29:39 +0000

In January on 1991 the law changed. Homeowners are able to deduct points paid by the seller. It used to be only the buyer. Your Tax accountant and you Real Estate agent should be able to expand on this rule change further. Any questions call Phillip Vincent at Hermann London Group 314-537-7445

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I’m buying a new home, are cost are tax deductible?

Phillip Vincent — Wed, 19 Jan 2011 18:28:26 +0000

In your home loan or Mortgage you might be paying “points” towards your deal. These points are tax deductible for that fiscal year. You property taxes and interest are deductible every year! Some other home buying cost are adjusted to the cost basis of your home when you go to sell it. They include you title insurance, credit report fees, loan application fee, service fee appraisal fee, settlement or closing fees, your banks attorney’s fees. If your using an attorney their fees, also the document preparation fees and recording fees! Sheew! I’m tired from just listing all those fees. They can seem to be overwhelming at times but they are all needed and your Title company and Realtor will explain each one to you. I have been threw many closings. I will be happy to explain any of these fees. You should also contact your tax adviser for any and all tax liabilities. For more information call 314-537-7745 Thanks!

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Are taxes on second homes deductible in Missouri?

Phillip Vincent — Wed, 19 Jan 2011 18:27:17 +0000

Yes, in general property taxes are deductible on a second home if you itemize.

You will still need to check with your accountant and tax advisor for all the much needed details and specifics of your tax liability. You can check you my personal real estate site for more details

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How do appraisers estimate my homes value?

Phillip Vincent — Wed, 19 Jan 2011 18:25:59 +0000

Smoke and mirrors? Some people think so. It actually comes from several factors. They include the homes size and square footage, the condition of the home and the location or neighborhood. Recent sales of properties like yours also factor heavily on the appraisers guess as to your homes value. Some houses are affected by historical info like who lived there, like President Obama’s old houses are selling for way above value due to his living there. You can find detailed appraisal standards online at appraisalinstitute.org. I have a list of replicable appraisers in the Chesterfield area that I would be happy to share for free. Phillip Vincent 314-537-7445.

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Where can I find Real Estate closing cost information?

Phillip Vincent — Wed, 19 Jan 2011 18:25:00 +0000

A good Title company will be happy to give you an estimated breakdown. Recent law changes, make it even easier to know the prices of closing cost before you reach the closing table. You can also write to the “Consumer’s Guide to Mortgage Settlement Costs” at the Federal Citizens Info Center. I will be happy to suggest a good title company for you in the Chesterfield area. Phillip Vincent 314-537-7445

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Where can I find information on house market stats in Chesterfield Missouri?

Phillip Vincent — Wed, 19 Jan 2011 18:23:42 +0000

A good local real estate agent is a great source to find home market stats. They deal daily with home prices right in your own neighborhood. You can also check with the association of Realtors in St. Louis. The U.S. Housing Markets at meyersgroup. com publishes quarterly reports on home buying. They also have new home building stats.

Phillip Vincent the Hermann London Group. 314-537-7445

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Are Real Estate commissions negotiable?

Phillip Vincent — Wed, 19 Jan 2011 18:21:18 +0000

According to Missouri Law, real estate commissions are negotiable. A common figure is between 4 and 6% for a full service experienced agent. The pricing of your home will vary based on many factors. I will be happy to review your situation and I am sure we can meet your real estate needs. Phillip Vincent. 314-537-7445

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How many people sell their homes themselves or for sale by owner in St. Louis?

Phillip Vincent — Tue, 18 Jan 2011 16:51:26 +0000

85% of home sellers use real estate agents to list and sell their homes. The other 15% of home sellers, are what’s called FSBO or for sale by owner. A large percentage of FSBO’s are property transfers between family members. Landlords also offer there rental properties directly to the renters when they want to sell with out Realtors involved.

So based on these facts most people sell using a real estate agent. In St. Louis Missouri, I would use Phillip Vincent with the Hermann London Group at 314-537-7445.

Blue prints

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