[Russell]

James O’Keefe is a conservative political activist known for founding Project Veritas, an organization that produces undercover audio and video recordings intended to expose what it claims are unethical behaviors in media, government, and other institutions. O’Keefe’s methods have been controversial, often leading to debates over journalistic ethics and the legality of his tactics. His work has both supporters who view it as exposing corruption and critics who question the accuracy and ethics of his approaches.

[Russell]

Buying a house with a gift of equity from a family member is a practical way to purchase a home, especially for first-time buyers who might struggle with coming up with a down payment. Here’s how you can proceed with this type of transaction:

1. Understand What a Gift of Equity Is

• A gift of equity involves a family member selling you their property for less than its market value. The difference between the selling price and the market value is considered the gift of equity. For example, if a home is worth $300,000 and it is sold to you for $250,000, there is a $50,000 gift of equity.

2. Agree on the Home’s Value

• Have the home appraised to determine its fair market value. This will be important for both setting the sale price and for financing purposes.

3. Draft a Gift of Equity Letter

• The family member who is selling the home must write a gift of equity letter that declares the amount of equity being gifted. This letter should include the estimated value of the home, the sale price, and the amount of equity being gifted. It should also state that the gift is being given freely and that repayment is not expected.

4. Secure Financing

• Apply for a mortgage. You will need to inform the lender about the gift of equity, as it can often count as part of your down payment. The lender will consider the gift of equity in the same way as a traditional down payment, which can help in qualifying for a loan, especially if you otherwise would not have enough funds for a down payment.
• Provide the gift of equity letter to your lender during the loan application process.

5. Consider Tax Implications

• Consult with a tax advisor. There can be tax implications for both the giver and the receiver of a gift of equity. The person giving the gift may need to file a gift tax return if the amount of equity exceeds the annual gift tax exclusion limit ($16,000 per person in 2023).

6. Close the Sale

• Proceed with the usual home buying steps, including inspections and finalizing the mortgage. The closing process will involve transferring the title from your family member to you and handling any necessary legal and financial paperwork.

7. Record the Transaction

• Ensure that the transaction is properly recorded in local real estate records, including the adjusted sale price and the gift of equity.

Using a gift of equity can make home ownership more accessible and financially feasible, especially for young buyers or those without substantial savings. However, it’s crucial to handle all aspects of the transaction legally and transparently, especially with regard to financing and taxes, to ensure everything is conducted smoothly.

https://www.youtube.com/watch?v=1vrQvQ8Myeg&t=48s&ab_channel=GustanChoAssociates

[Russell]

Awesome post. When buyers wait for a market correction and drop of mortgage rates, you can expect the housing market to turn into a seller’s market and home prices to skyrocket with bidding wars and homes selling over list price.

• This reply was modified 1 month, 1 week ago by  Sapna Sharma.

[Russell]

That is a great point Sonny.

[Russell]

Thank you, Anthony.

[Russell]

Here is the latest of Jeremy Dewitte. Jeremy Dewitte just can’t stay out of jail. He is a serial police impersonator who cannot help himself from impersonating a police officer

https://www.youtube.com/live/l2fI03HooyQ?si=6GVDspvocAc4aSKN

[Russell]

Jeremy DeWitt has been quiet lately. Different hear about him for a few months.

[Russell]

From my understanding, HUD, VA, USDA , FANNIE MAE, and FREDDIE MAC doesn’t consider timeshare foreclosure as real estate foreclosure but rather installment loans.

https://fhabadcreditlenders.com/fha-guidelines-on-timeshare-foreclosure/

fhabadcreditlenders.com

FHA Guidelines on Timeshare Foreclosure - FHA Bad Credit Lenders

Can I get an FHA loan with timeshare foreclosure is one of the questions we get asked a lot. Why am I reading Gustan Cho Associates can do an FHA loan with

[Russell]

I think this is a great program and would love to know more about it before fully committing. I have heard about anti-aging and wellness programs through self-help coaching programs but have not run into reputable programs through YouTube. Can you explain more in detail how this works and if you have group rates or membership programs.