All Forum Posts by: Rick Lucette

Thanks Lance. That makes sense. I just wanted to make sure i didn't miss something obvious. For instance, I read that the homestead exemption is based on whether we lived in the house on January 1st. So we'd be able to claim it for 2017 but not for 2018 (at least not for that specific home). 

Yup. Didn't see it from that angle. But makes sense. It's just that it would seem premature for the seller to explore that option unless the buyer specifically mention their budget is tight. In the case of my friend, they could come up with the down payment but the negotiation started to go in all sort of directions that didn't make much sense to me.

hi Community,

We just moved out of our home (purchased a bit more than 4 years ago). It is in a convenient location that rents well and we would like to keep it as a rental property. 

I fully intend on educating myself on taxes and other implications but wanted to ask if there were any "catches" I should be aware of (for instance, property taxes will be coming at the end of the year, etc.). What bothers me a bit is the fact that we moved out half way through the year (tenants moved in on 06/24), so it's half own and half rental for this year. 

Thank you! 

Thanks guys! this was super helpful. Just out of curiosity, what's the incentive for a seller to pay for closing costs rather than lower the selling price. I would think lowering the sale price would reduce your appreciation gains? And lower the taxes for the buyer? I'm just surprised people would negotiate on these. 

Thanks! 

Hi All,

A friend of mine recently signed an offer to purchase a home. The seller agreed to the following terms: Seller will contribute to $X towards the buyer's closing costs and/or prepaid items. 

I told him that this was likely not a simple credit of $X but rather that that the seller would pay up to $X for closing costs and/or prepaid items. If so, he would like to know what would be considered as closing costs (for instance, closing costs typically include a reserve for taxes, or origination points?) and what are "prepaid items". 

Any help would be appreciated. thank you!! 

Hi guys,. I could use some help to run something through more experienced minds.

I will be moving out of a townhouse I bought to move to a different state. We put the house on the market at what we thought was an average price and have been getting a lot of hits the first week (5 offers out of 6 showings). One offer from a very nice couple we met came above the asking price ($50/mo) and offered to do a 16 months lease with a 6 months extension to increase their chances to secure the lease. Are there any pitfalls I should be aware of for us to sign a deal with them? We actually got an offer $100 above asking price but that first couple that made us the offer felt pretty good and their background checks out. Any recommendations, words of caution? Thank you!