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how long do you have to wait to do a cash out after a quick claim?

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Guest	Posted: Mon Feb 14, 2011 1:43 pm    Post subject: how long do you have to wait to do a cash out after a quick Like 0 Dislike 0 We are going to be quick claiming a property with no mortgage and would like to know if we can then do a cash out right after?
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Feb 14, 2011 2:25 pm    Post subject: Quit Claim Like 0 Dislike 0 The correct term is Quit Claim Deed. Is anyone on the existing title still on the title after the quit claim? _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
melissa vd Guest	Posted: Mon Feb 14, 2011 2:34 pm    Post subject: quick claim deed Like 0 Dislike 0 No my mom will be signing a quick claim deed and transfering a property to me. This will just be in my name and I was wanting to do a cash out. There will not be a mortgage on the property and I was wondering the quidelines. I have heard 6 months and also 12 months wait time.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Feb 14, 2011 8:30 pm    Post subject: Like 0 Dislike 0 Hi melissa! Welcome to forums! You may have to wait for 6-8 months in order to get a mortgage on that property. But there might be some lenders who may immediately give you a mortgage. Feel free to ask if you've further queries. Sussane
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Tue Feb 15, 2011 1:50 pm    Post subject: Cash OUt Like 0 Dislike 0 There may be portfolio lenders ijn your area who would do a cash out refinance immediately. That would be possible with a portfolio lender we work with in NJ and CT and eleven counties in NY and 9 counties in PA. You would have to shop around and inquire wherever the property is located. By the way, I am talking about a property you live in, not an investor property. Fannie Mae and Freddie Mac have "continuity of title" seasoning requirements of 12 months on title before a cash out refinance can be done based on the appraised value. FHA has a 12 month requirement on title also. If you want a mortgage anyway, why not do a purchase with a gift of equity from family member. Not only do you get the mortgage right away, but, Mom also transfers property properly. With gift of equity you pay no money out of your pocket. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
Melissa vd Guest	Posted: Thu Feb 17, 2011 3:02 pm    Post subject: Like 0 Dislike 0 Do you happen to know what the tax implications in Iowa for the seller would be if we did a purchase with a gift of equity?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Feb 18, 2011 1:48 am    Post subject: Like 0 Dislike 0 Welcome Melissa, The seller will be liable for paying capital gains taxes if he incurs profit from the sale of the property. _________________ Procrastination is the enemy of your financial success
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Fri Feb 18, 2011 10:11 am    Post subject: Taxes Like 0 Dislike 0 Sorry, Melissa, I am not an accountant. I am guessing Adonis is not an accountant either as his information is not correct and he should not be giving tax advice if he is not an accountant. I am not an accountant, however, i know his information to be incorrect. People who have lived in a house for 2 of last 5 years as their primary residence do not pay capital gains tax up to $250,000 per person (Mom). Your question is about Gift Tax. Anyone can give anyone else a gift up to $13,000 with no tax implications (I am not an accountant, just talking and you need to see accountant) If your gift is over $13,000 there are ways around that, but, you need an accountant, or simply pay the Gift Tax (your mother pays, not you). It can not be that much of a tax for the amount we are talking about. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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