Agent Profile
My job is service...service to you and your real estate transactions! How can you benefit from my 25 years of experience and expertise? What can I offer to make the process more productive?
* Current information on available housing...comparative and competitive market pricing and analysis
* Daily involvement in the local real estate marketplace.
* Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business.
* Extensive network of professional resources to make the process as smooth as possible.
My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!
JANEESE JACKSON: 503-709-0802 or jj@janeesejackson.com
Lady GaGa “Money Honey”
You hear the term ”Cash is King” thrown around these days. Having a certain amount of liquidity with your savings, mutual funds, money markets, etc is one example. Paying cash for real estate is another case in point. Sometimes a cash offer will most certainly prevail in a real estate situation with multiple offers. The sellers don’t have to worry about stumbling blocks such as low appraisals or last minute credit glitches with the borrowers’ loan or the appraiser insisting on repairs after the property inspection has already been negotiated. These are rare occurrences, but when they happen they can unravel a real estate transaction! Cash will usually be preferred in a short-sale situation or bank-owned property for obvious reasons. They have already repossessed the home once and want to be rid of it!!
So, you might think that a person who pays cash doesn’t have many concerns. Somewhere around 9% of people paid cash for their home last year with a considerably higher percentage paying cash this year.
Are there any downsides to paying cash??? On the surface, paying cash certainly seems simple but it may have consequences later. Paying cash may affect your ability to deduct the interest on a mortgage placed on the home at a later date. So, you need to decide if you might put a loan on the home in the future. Currently, a homeowner may deduct the interest on up to $1 million of acquisition debt. Paying cash for a home establishes acquisition debt a $0. At that point, the only deductible interest would be home equity debt which is limited to $100,000 over acquisition debt. You can get more information abut this from IRS Publication 936.
There is also the benefit of leveraging or using other people’s money to strengthen the return on an investment property. It’s worth taking a moment to discuss the pros and cons with a financial consultant, tax adviser and/or both!
About the Author | Janeese Jackson
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