Arizona Real Estate Notebook

Bob Bruss; CAN FOREIGN OWNER QUALIFY FOR $250,000 HOME-SALE TAX EXEMPTION? DON’T EXPECT PROFITABLE HOME SALE AFTER JUST 12 MONTHS OF OWNERSHIP Even in the best of real estate times, it takes three to five years of home ownership to at least break even when selling. That’s why home buyers should not purchase unless they [...]

Bob Bruss at his finest.

Only one spouse’s name appears on title Bob Bruss solves it all… again. – HOW TO CLEAR TITLE OF DECEASED CO-OWNER’S NAME (Bob’s answer here isn’t quite right for Arizona. You would also avoid probate if title were held as community property with right of survivorship or if there were a beneficiary deed.) – WHEN [...]

Actually, either a lease-purchase agreement or a lease-purchase option agreement can work well for both parties. Bob Bruss is constantly hammering on that idea. A lease-option is similar to a new-car lease, in that the renter has the choice of buying the property or not by the end of the lease term. Unlike a lease-purchase, [...]

The mortgage curmudgeon bucks conventional wisdom on paying points on your mortgage. For example, while the return over seven years was only 8 percent on a 30-year FRM, on a 7-year ARM it was 22 percent. On a 3-year ARM, the return over three years was 17.5 percent. I found this so astonishing that 10 [...]

Bob Bruss on the primary residence capital gains exclusion for military personnel. DEAR BOB: I am on active duty with the Navy. In 1999, I bought and lived in a home in Arizona while stationed there. In 2002, I was transferred under military orders to San Diego so I converted my home to a rental. [...]

Dian Hymer. But an agent is not your surrogate. Ideally, you and your agent will work as a team to close the deal. However, remember that you are the decision maker, and your agent is merely the facilitator.

Bob Bruss. – ARE STUCK WINDOWS A HOME DEFECT? – UNTIL YOU HOLD TITLE, YOU HAVEN’T INHERITED ANYTHING – MORTGAGE LENDERS DON’T HAVE TO ACCEPT TWICE-MONTHLY PAYMENTS – WHO GETS FORFEITED DEPOSIT IF HOME BUYER DEFAULTS? – EX-NUNS DON’T WANT ANY HASSLES

The big advantage of a reverse mortgage is no repayment is required as long as your father lives in his home. But a home equity loan requires monthly payments. Bob Bruss. – HOW MUCH TAX IS OWED ON INHERITED HOUSE SALE? – VERY LITTLE MARKET FOR HALF OF A VACATION PROPERTY

The RealEstateJournal.com tips on learning to invest in real estate. A more detailed source of information on residential real estate investing is here.

I spend a lot of time here researching the Arizona real estate market and the real estate market in Las Vegas and California so I can see trends coming towards Arizona. The reality is most people don’t have the luxury of choosing when they buy or sell a home. A new job, divorce, death or [...]

Well I gotta quote this. Nearly five months and three price reductions later, it sold for $580,000. “It turned out the agent knew more about it than we initially thought,” says Jeff. The sadder but wiser home sellers are the homes sellers for me… And then Kiplinger has advice to home buyers – don’t wait [...]

Bob Bruss outlines the great tax benefits and market-value appreciation of owning rental real estate.

Bob Bruss; – TRADE IS ONLY WAY TO AVOID TAX ON INVESTMENT REALTY SALE – NO STEPPED-UP BASIS AFTER RECEIVING NEW DEED IN A DIVORCE

Bob Bruss; – IF YOUR NAME IS NOT ON THE TITLE, NO MORTGAGE INTEREST DEDUCTION – NO EASY WAY TO FORCE NEIGHBOR TO REMOVE DANGEROUS TREE

Bob Bruss Here is a common occurance. How often is it an attempt by the listing agent to jack up the price or add urgency to the buyer? I don’t know. Often times it’s legit. My niece has made 3 offers in the last several weeks for super inexpensive homes in central Phoenix. All 3 [...]

Here is some advice for home sellers with pets: 1. Remove photos of pets from the walls, shelves, or refrigerators. 2. Clean food and water bowls regularly, and hide them when not in use. 3. Stash away pet toys, crates, carriers, and leashes. 4. Vacuum carpets, upholstery, and wood floors. 5. Keep litter boxes clean [...]

Bob Bruss; IS RENTAL CAPITAL GAIN TAX 15 PERCENT OR 40 PERCENT? DOES STEPPED-UP BASIS APPLY TO LIVING-TRUST ASSETS?

Ilyce R. Glink; Couple lives nightmare of failed deals, drained finances

Bob Bruss; HOW SELLING PROPERTY “SUBJECT TO” THE MORTGAGE WORKS HOW TO RETURN PEACE AND TRANQUILITY TO THE NEIGHBORHOOD NO EASY WAY TO AVOID TAX ON SALE OF A TWO-UNIT PROPERTY ALWAYS GET OWNER’S TITLE INSURANCE WHEN BUYING OUT CO-OWNER SHOULD HOME SELLER REFUND DEPOSIT IF BUYER DIDN’T TRY HARD TO GET A MORTGAGE? ARE [...]