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354 Richards Hall 360 Huntington Ave Boston, MA 02115fax: 617.373.8735 SFS northeastern.edu student finance.northeastern.edu20192020 Request for Value of Primary Residence Students Name: NU ID: Instructions:
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How to fill out value of primary residence

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Step 1: Gather all necessary documents related to your primary residence, such as property deeds, mortgage statements, and home insurance policies.
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Step 2: Determine the current market value of your primary residence by conducting a thorough real estate market analysis or consulting a professional appraiser.
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Step 3: Calculate the outstanding mortgage balance on your primary residence by reviewing your mortgage statements or contacting your lender.
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Step 4: Subtract the outstanding mortgage balance from the current market value to get the net value of your primary residence.
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Step 5: Include any additional assets associated with your primary residence, such as land or improvements, in the valuation process.
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Step 6: Prepare the necessary forms or paperwork required by the entity requesting the value of your primary residence.
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Step 7: Fill out the value of your primary residence accurately and provide supporting documentation as requested.
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Step 8: Double-check all the information and calculations to ensure accuracy before submitting the filled-out value of your primary residence.

Who needs value of primary residence?

01
Individuals who are applying for a loan or mortgage may need to provide the value of their primary residence to the lender.
02
Homeowners who are involved in divorce proceedings where the division of assets is necessary may need to determine the value of their primary residence.
03
Real estate investors and property developers may need the value of primary residence to assess market conditions and make informed investment decisions.
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Insurance companies may require the value of primary residence as part of the home insurance application process.
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The value of the primary residence is the fair market value of a person's main home, which can include the land and any buildings on it. This value can be determined by a professional appraisal or by assessing comparable properties in the area.
Homeowners who are claiming a tax benefit related to their primary residence, such as mortgage interest deduction or property tax deductions, are typically required to file the value of their primary residence.
To fill out the value of a primary residence, homeowners should gather relevant documentation such as property appraisal, tax assessments, or comparable market analyses, and then enter the assessed value on the appropriate form as required by their tax authority.
The purpose of reporting the value of the primary residence is to determine tax liability, eligibility for various tax deductions, and to provide accurate information for financial assessments.
Homeowners must report information such as the assessed value of the property, purchase date, any improvements made, and mortgage details, if applicable.
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