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Can a home seller sell a home for less than its mortgage? Yes, in some cases you can sell your home for less than what you still owe on the mortgage, but this is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be…

When does foreclosure begin? Lenders will initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the borrower in writing that he or she is in default. The lender…

What is seller financing? Seller financing is when a seller helps to finance a real estate transaction by taking back a second note, or even financing the entire purchase if the seller owns the home free and clear. Usually, sellers do this when a buyer has difficulty…

Where can I learn more about appealing my property taxes?Contact your local tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally.  Most likely, however, you will have to go…

What is the difference between list and sales prices? The list price is how much a house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as…

Is there a secret to good negotiating?There are several cardinal rules to negotiating effectively. One is do your homework, and learn as much about the seller or the buyer as you can. Another is to play your cards close to your vest and not reveal too much information to…

Whose obligation is it to disclose pertinent information about a property? In most states, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent, if you have one, are required to disclose all facts…

Should I add on or buy a bigger home? Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house: How much money is available, either from cash reserves or through a home improvement loan, to remodel…

What is the difference between market value and appraised value? The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to…

How much does my real estate agent need to know? Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers…

Can I use an agent for a new home? Yes, however, buyers should be aware of the differences inherent in working with sales agents who are employed by the developer, rather than traditional real estate agents. Builders commonly require that an outside agent be present, and…

Where do I get information on IRS publications? The Internal Revenue Service publishes a number of real estate publications. They are listed by number: 521 "Moving Expenses" 523 "Selling Your Home" 527 "Residential Rental Property" 534 "Depreciation" 541 "Tax Information on…