Sentences with phrase «home than its fair market value»

(The property is «underwater» because more money is owed on the home than its fair market value, the sales price, or the foreclosure sale amount.)

Not exact matches

If you think the home didn't sell for its fair market value and the deficiency is therefore higher than it should be, you can present evidence of this in court.

If the loan is for more than the fair market value of your home (i.e., if your mortgage is underwater), then the loan amount that is over the fair market value counts as a liability under the net worth test.

Thus your taxk would be X * Y where X is the fair market value and Y is the decimal percentage value usually no greater than 0.04 or 4 % for private homes.

Here's what you need to know, as a home buyer: The assessed value is usually lower than the fair market value of a house (defined below).

You and your estate will never owe more than the fair market value of the home as determined by a licensed FHA - certified appraiser when the reverse mortgage loan becomes due and payable.

As a government - insured non-recourse loan, a reverse mortgage will not require repayment of more than the fair - market value of the home as determined by a licensed FHA - certified appraiser.

Therefore, when the last homeowner dies (and the reverse mortgage is due), the estate will never be responsible for paying back more than the fair market value of the home.

owes more on the mortgage (s) than the original price or the current fair market value of the home, 3.

Also, keep in mind that almost no lender will give you a HELOC that's worth more than 65 % of the fair market value of your home.

Answer from Walter Melanson, lead analyst at PropertyGuys.com: An underwater mortgage is when your mortgage balance is higher than the fair - market value of the home.

May people feel that their home is worth more than true fair market value, so the appraised value doesn't always make sense to them.

Whatever the case may be, a Canadian reverse mortgage lender will guarantee that a loan will never be more than the fair market value of a home in question.

My house is on 5 acres, so I can split a small part of my lot, build a new home & get fair market value for 2 homes rather than 1, right?

As Sean mentions the competition these days at court house steps is intense and if a property goes 3P that means it had some equity and there would be multiple investors tracking it (of course there is always the home owner buying it back and will pay more than an investor or someone who actually wants to move in and will pay right up to fair market value for it)..

If you make an offer tremendously lower than the fair market value of the home, the lender could make a counteroffer, which will lengthen the process.

Here's what you need to know, as a home buyer: The assessed value is usually lower than the fair market value of a house (defined below).

Many Florida homeowners are making mortgage payments every month even though their homes have a fair market value that is much less than the mortgage amount: they have an «underwater mortgage.»

If you sell your home in the District of Columbia you'll pay deed transfer taxes, which amounts to 1.1 % of fair market value for residential property transfers (sales) of up to $ 400,000, or 1.45 % of fair market value if the sale is greater than $ 400,000.

If I wanted to get the first - week premium price, I wouldn't price a home more than 2 % above its appraised value or a brutally honest estimate of its fair market value.

Other home owners have mortgages that are much, much larger than the fair market value of their homes and they are wondering about the wisdom of defaulting on their loans.