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Question
I bought a house in Coalinga, CA for $275,000.00 in June of 2006 and the builder was known to have lowered the home values prior to when I bought mine. We put $65,000.00 down and paid $12,000.00
for the land. That year the builder lowered the home value to $250,000.00 and surrounding values dropped with it. question #1. is that Legal? Two we signed a contract for the 275,000; paid all of that money and the home was now worth $25,000 less than what we paid. Question #2 Is that a tax deduction as a "LOSS"? ETC.
P.S., it is a 4 bedroom 2 bath home on a 14,400 sq ft lot.
Thanks for your question. The seller can sell the home for what ever he wants, he can give away the home if he chooses, he is the seller, all he has to do is pass fee simple title, ie free and clear, clean title, to you. Today you as the seller , you can sell for any price you chose. In the last couple of years home values have been unstable, from want thay were selling for in the past, it could drop more. My sugestion regarding tax deduction , is speak with tax expert. The real estate market has been very rough and tough thelast couple of years. Hopefully it will come back. Do all yo can to keep your home. Keep in mind, unless you have had a professional fee appraisal on your home, you cant make a statement that yours is worth 25 k less? Hope this helps you. Good luck.
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Marvin G. Bobbitt, III
Expertise
Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.
Experience
Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..
Organizations
Active Member of the Durham Association of REALTORS.
Past BOD for Durham Regional Association of REALTORS.
Active Member of North Carolina Association of REALTORS.
Active Member of the National Association of REALTORS.
Active Member of Triangle Multiple Listing Service.
Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.
Publications
Durham Herald
Education/Credentials
Graduate; Durham Public Schools
Graduate; North Carolina Central University.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Completion of the following North Carolina Real Estate Courses.
North Carolina Real Estate School Fundamentals.
North Carolina Real Estate Broker Classes.
Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission.
Completion of the following North Carolina Appraisal Courses.
R-1 Real Estate Appraisal.
R-2 Valuation & Principles & Procedures.
R-3 Applied Residential Property Valuation.
G-1 Income Property Appraisal & Valuation.
Completion of Notary Public Classes for the State Of North Carolina.
Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015
Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Past/Present Clients
Given upon request
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