Archive for the ‘How To GEt The Most Out of Your House’ Category
Thursday, May 21st, 2009
If you sell your home at a taxable profit or a loss, the sale must be reported to the Internal Revenue Service. Your lender will report the transaction by filling Form 1099 with the IRS. And as the seller, you must report the sale by filling Form 2119 with the ...
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Tuesday, May 19th, 2009
Once you and the bidder have an agreement, you’ll both sign the contract and the buyer will make an earnest money deposit with the agent or lawyer. This good faith financial gesture is typically equal to 1% to 3% of the sale price and will be credited to the down ...
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Sunday, May 17th, 2009
Your lawyer should also make sure that each acceptable contingency is given a specific time frame in which it must be completed. For example, it is perfectly reasonable for the buyer to make a deal contingent on the house passing a home inspection. But you want to make sure that ...
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Friday, May 15th, 2009
Congratulations, you have a bid on your home. Even if it’s lower than you expected, do not be discouraged. At least the ball is in play. Now huddle with your agent and figure out your next move. If the bid was just 5% below your asking price, it looks like ...
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Wednesday, May 13th, 2009
If you live in a very slow market and can’t make a sale but must make a move, don’t resign yourself to being house stuck. You can at least cover your mortgage costs by renting out the house temporarily. If you can find renters who are interested in buying when ...
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Monday, May 11th, 2009
This is another area where the agent earns her commission. Your best bet is to leave this job completely to the agent and not be present when a prospective buyer comes by to see your home. Go out for a long drive or use the time to start checking out ...
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Saturday, May 9th, 2009
Don’t assume you can simply lower the price in a few weeks if you aren’t getting any serious buyer attention. It’s tough to shift the focus on your home once the agents and buyers have moved on. The critical time for any home is the first few weeks it arrives ...
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Thursday, May 7th, 2009
Once your agent has provided the market analysis of comparable sales in the area and you know the ballpark you’ll be playing in, your job is to pull out the research you did at the library and sit down will the agent to talk pricing strategy. If you determine that ...
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Tuesday, May 5th, 2009
Select an asking price that is too low and you’ll undoubtedly get a buyer, but also needlessly forfeit thousands of dollars. Set the price too high and you will live the seller’s nightmare of spending months on the market without many buyers stopping by, let alone making a bid on ...
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Sunday, May 3rd, 2009
Caveat emptor is a goner when it comes to selling a home. Now, half the states require that all sellers complete a disclosure form that lists all known structural and operational problems, from a leaky roof to a garage disposal that is on the fritz. And in the states that ...
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