Real Estate Discussion Forum

Slinky Bender

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#61
Last week I had someone who was referred to me because they had listed their parent's estate apartment without a broker and fairly immediately got a full asking price offer of $800,000. They wanted me to give them a Broker's Opinion of Value letter so they had something for their files. Rather than do that I presented the situation to a few buyers I'm working with. There's now a contract out at $865,000.

Don't bother responding to this. A number of you have decided that you don't want to use a broker and don't want to be confused by facts
 
#62
Last week I had someone who was referred to me because they had listed their parent's estate apartment without a broker and fairly immediately got a full asking price offer of $800,000. They wanted me to give them a Broker's Opinion of Value letter so they had something for their files. Rather than do that I presented the situation to a few buyers I'm working with. There's now a contract out at $865,000.

Don't bother responding to this. A number of you have decided that you don't want to use a broker and don't want to be confused by facts
Many years ago I have sold on my own in certain situations. Certain legal issues arose, and I had to do battle on my own. Turned out okay, but was a great source of anxiety.

However, recently, in today’s more complex environment, I enjoy the luxury of having a really good broker perform their magic.

And, when I say “magic,” I mean just that. Staging the home, use of skilled photography, marketing to the hungriest customer that was convinced that paying well above the market price was a steal, even though the far superior house next door sold for far less.

A good broker is no different than a master electrician, plumber, or any other tradesman. You wouldn’t want to risk performing those skills as a lay person.
 
#63
How would one find out the value of an out of state inherited property which was sold privately sometime thereafter
I am told I would need this number for capital gains purposes
Is there a website available—
TIA
 
#64
How would one find out the value of an out of state inherited property which was sold privately sometime thereafter
I am told I would need this number for capital gains purposes
Is there a website available—
TIA
value is determined the day it is transferred to you. Market value at that time
 
#66
zillow.com and realtor.com only have estimates and comps for recent sales.

Maybe hire a local appraiser? It will be a hassle to find one and money but will generate a document that can be backed up.
 
#69
One and the same?

so far, no luck on finding a source of this information
Nope. For example: say you are the beneficiary of some stock held by a broker. You (or the executor if in a will) sends the broker the death certificate say 2 months after the death (and if via a will the appropriate legal documentation which may have taken many, many months thru probate) The broker transfers the stock to you then and also determines the value of the stock at the time of death. Transfer date and date of death are not the same.

With real estate not so simple, although if via a will maybe the executor determines the value as he/she gets a % cut of the estate.

Ps. Genius is not a legal type but went thru the experience couple years ago.
 
#70
I’m more concerned with the cap gains tax I would be responsible for from the day the property was inherited to date of sale -
As a good citizen, I will have to pay my fair share of tax, but don’t want to pay too much :)
 
#71
I’m more concerned with the cap gains tax I would be responsible for from the day the property was inherited to date of sale -
As a good citizen, I will have to pay my fair share of tax, but don’t want to pay too much :)
As long as you lived in the property as your primary residence for 24 months within the five years before the home's sale, you can qualify for the capital gains tax exemption.
It is 250K for single and 500K for married.
 
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