Michigan Real Estate Talk » Michigan Homes for Sale

Please explain homestead rights for michigan.I own a home & must sell, can my husbnd stop the sale by not sign

David Mueller — Mon, 01 Feb 2010 07:09:14 +0000

I have listed my home 4 sale..I purchased it with my own money from the sale of my condo just before I got married. We can no longer afford the payment and are currently behind in the pymt. Does my husband have to sign the closing papers for the sale of the home? what are my legal rights to make him sign if he does not want to?

If your name alone is on the title, you can do whatever you want with your property.

How do I figure capital gains and state tax on the sale of a vacation home in Michigan?

David Mueller — Mon, 18 Jan 2010 00:54:16 +0000

I purchased a vacation home from my grandparents in Michigan in 2001 for $60,000 (Probably $150K under the market). I have made some small improvements to the property (approx $10K). My wife and I have never declared this as our primary home. There is an estimated $10K in personal property being sold in this transaction. I am in the process of selling the property for $370,000.

I want to make sure that I hold back enough funds for all the tax consequences that we will see in the next year. I am curious if I have to pay income tax in Michigan or my home state? How would this sale affect our federal filing? Capital Gains, Alternative minimum tax??

How much do you think we should save back for Uncle Sam?

Why don’t you do a IRC 1031 exchange. You need to ID the property
you wish to acquire in 180 days from the date you opened an escrow.
In this 1031 you need a reputable title company or if in Michigan,a good real estate attorney. Then the last two years of the five, you can make the acquired property as your principal home.
Just complete the front and back of the 1040 sch D and you will figure your cap gain tax. See if you can sell the house under an installment sale since you can spread the cap gain on the principal over the life of the note and thus pay the cap gain tax in cheaper dollars (see form 6252)
For alt min tax complete form 6251

Does Michigan include basements when calculating the square footage of their homes?

David Mueller — Wed, 06 Jan 2010 17:41:19 +0000

Basically, I am trying to find out, when a home is up for sale in Detroit, and they say it is 4,000 square, do they include the square footage in the basement, finished or not finished. I know some states don’t include the basement finished or unfinished.

They should never include the basement as sq,footage.

The most it should say is finished basement.

How much does it cost to add a porch to one of those old homes in dearborn, Michigan?

David Mueller — Sun, 27 Dec 2009 07:34:23 +0000

THe homes are all small and at least 50 years old. They need some curb appeal sometimes and many people add those covered areas to their front door. How much does that set one back and can it be recooped in the sale of the house?

I’m in Wayne, MI. I am assuming that you’re in historic Dearborn? Than you will absolutely recoupel the money in a resale. I would call Killer Decks in Wayne, or Home Depot, or Lowes and have some people out to give some esitmates.

Easiest way to find lake cottages for sale in ohio, michigan or indiana?

David Mueller — Thu, 17 Dec 2009 19:43:26 +0000

Does anyone have any good ideas on how to find cottages for sale in Ohio, Michigan or Indiana? I’ve tried web searches and I’ve tried MLS searches but end up with a bunch of stuff I don’t want. I’m trying to find a website or a magazine that deals only with lake homes.

Try this!

www.lakehouse.com

looking for homes for sale on land contract in warren michigan.?

David Mueller — Sun, 01 Nov 2009 14:27:21 +0000

don’t ever buy anything on land contract, just another opportunity to get screwed, fix your credit & get a loan!

We made a full offer on a short sale home in southeastern michigan. How likely is it to be accepted?

David Mueller — Thu, 29 Oct 2009 07:25:35 +0000

We put in the offer at what it was listed at. How is the listing price chosen? Does the bank and seller agree on an appropriate price before listing? Should putting offer in at full listing price increase our chances of getting the home, and in a somewhat timely (a few weeks) manner?

Mortgagees (lenders) are slow to respond to offers because they hope to get a better one. While you offered full price that doesn’t guarantee you will get the home. The mortgagee will consider contract conditions. For example if your offer was subject to financing and the mortgagee receives a cash offer, they might accept the latter, even if the offered price were less.

realtor.sailor

How can I find a trustee’s deed of sale for Michigan online?

David Mueller — Mon, 26 Oct 2009 03:41:48 +0000

I have a client who owned a home in Muskegon Michigan. The home foreclosed. We need the Trustee’s deed of sale. Something that shows that the home reverted back to the bank. How can we get it online?

seems funny; I answer questions on this stuff all the time;

NOT everything that is government oriented is on the net.

deeds are listed with the county recorder.

If they have no web site, call them

What’s the best way to find foreclosed homes for free in Michigan?

David Mueller — Sun, 25 Oct 2009 22:49:30 +0000

I’m trying to find out the best way to get information on foreclosed homes for sale in Michigan. I’d like to look at pictures, addresses, and other detail information and I’d prefer to find the information out for free. Anyone have an idea what the best way is?

Contact a real estate agent that you would use as a buyer’s agent. This does not cost you anything. And, when the sale is completed, your agent is paid by the seller (the bank foreclosing). So, you have everything to gain and nothing to lose by securing an agent.

Your agent will have access to the multiple listing service (MLS) and can start searching for homes for you. The MLS contains all types of transactions and can be filtered by foreclosures in a certain area. Your agent can then e-mail the listings to you as a clickable list. You can then go through the listings and see if any of them interest you.

Your agent will also have access to confidential supplemental listing information via the MLS, as well as links to mortgage and tax history on the property. This can be very helpful to you when trying to determine an offer amount. Your agent can also show you properties that you’re interested in. And, having an agent prepare and submit your offer can make the difference in whether the banks even read it. Sometimes they have strange requirements for submitting offers and, if anything is slightly wrong, they just reject it out-of-hand.