5 Inspection Problems Buyers Shouldn’t Ignore

I enjoy posting my own artciles and sharing others.  This one from the Real Estate Daily News is very share-worthy – enjoy – Sabrina

5 Inspection Problems Buyers Shouldn’t Ignore

Home buyers need to be extra vigilant about inspections in the early stages of a purchase because if problems are discovered too late in the process, it can “dash home owners’ dreams and budgets,” writes Yahoo! Finance in a recent article.

One home buyer in Long Island, N.Y., explains in the story that she didn’t discover the fixer-upper she bought needed $225,000 in repairs until after she purchased it.

Jonathan and Drew Scott, who educate viewers about transforming fixer-uppers on HGTV’s “Property Brothers,” offers up a checklist of five things buyers should look for to ensure they don’t buy a lemon.

  • Mold: Buyers should note any musty smells in the home and be on the lookout for any mold. Mold can be caused by improper air circulation as well as water leaks.
  • Pests: Termite damage can be widespread and costly to repair.
  • Outdated fixtures and wiring: Electrical problems in a home can cause fire hazards. Buyers should take note of any indication of faulty wiring, such as cable coming out of drywall.
  • Poor DIY jobs: Buyers should make sure that the previous home owner’s do-it-yourself projects were done correctly and are up to code. For example, poorly done flooring and painted-over wallpaper can be time-consuming and costly to fix.
  • Drainage problems: Sloping sod can cause flooding problems in a backyard, and a slow-draining sink could be an indication of a bigger problem. Buyers should test sinks and flush toilets to test for any potential problems.

Source: “Property Brothers: Don’t Buy a House Without Checking These 5 Things,” Yahoo! Finance (Aug. 19, 2013)

I read this article at:  http://realtormag.realtor.org/daily-news/2013/08/22/5-inspection-problems-buyers-shouldn-t-ignore?om_rid=AACmlZ&om_mid=_BSFlH2B80sQKxz&om_ntype=RMODaily

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

FHA Trims Waiting Period for Borrowers Who Experienced Foreclosure

Great news for those who experienced hardships during the economic downturn!

FHA Trims Waiting Period for Borrowers Who Experienced Foreclosure

The Federal Housing Administration (FHA) is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday.

Borrowers who experienced a foreclosure must wait at least three years before getting a chance to get approved for an FHA loan, but with the new guideline, certain borrowers who lost their home as a result of an economic hardship may be considered even earlier.

For borrowers who went through a recession-related financial event, FHA stated it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond the borrower’s control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.

Additionally, borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling.

According to the letter, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account.

The new guidance is for case numbers assigned on or after August 15, 2013, and is effective through September 30, 2016.

I read this article at: http://www.dsnews.com/articles/fha-trims-waiting-period-for-borrows-who-experienced-foreclosure-2013-08-19

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522

Visit our Website at:   http://thecatonteam.com/

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

Real Estate Photography 101 – Tips for the Fall Market

With the Fall Real Estate Market upon us – I thought  I would share this great article to help sellers prepare their homes for sale.  Enjoy!

4 Listing Photo Turn-Offs for Buyers

by: Jovan Hackley

Pictures move the masses and if you’re not careful, they can move prospective buyers away from your listings online.

Check out these 4 buyer photo turn-offs to avoid and tips for making sure your listings are getting the right attention on the Web:

Turn-off #1: The Lonely Listing Photo.

 The number one way to turn off web-surfing and mobile buyers is featuring only one or no listing photo.

Serious buyers need photos to develop a bond with a property and evaluate whether or not they could see themselves living there. The more photos you have online the more time a prospect will spend viewing and connecting with your listing.

Tip: Remember, you can add more than 100 photos to any of your listings on Trulia by visiting My Listings.

Turn-off #2: Amateur lighting mistakes.

Your online listing photos are your shot at making your seller’s property look like a dream home. When photos are gray, grainy, or make your home look like a dreary prison cell, you’re ruining your only chance at a first impression.

Here are a few quick tips for using light to make buyers click “Contact an Agent”:

  • When shooting outside, make sure the sun is behind you. The light will act as your own natural “studio light” brightening up the property.
  • Make your photos look cheerful; show off natural light inside by shooting on a sunny day.
  • If your listing doesn’t have windows or natural light, bring your own “sunlight.” Investing in household lamps (or toting a few in from your office) can go a long way toward producing better photos by brightening things up.

Turn off #3:  Missing photos.

If your listing is being overlooked online, it might be because you’re not showing the right areas.
Be sure to show these areas consumers we surveyed said make a home most attractive:

  • Bathrooms
  • Closets
  • Kitchens
  • Outdoor living spaces

Unique add-ons like hot tubs, special appliances, or wiring for an entertainment system

While you want to show off as much of the home as possible, focusing on these top priority living spaces are what really matters when it comes to generating inquiries and offers.

Turn off #4: The clutter monster.

When it comes to listing photos, clutter can be a seller’s worst enemy. When consumers view listings online, they want to see the property not years of your seller’s decorating and collectibles.

If you and your sellers really want to pique the interest of buyers with staging, focus on simplifying the space.

Here are a few easy staging adjustments you can make right before you shoot pictures to make for better photos:

  • Remove cars from the driveway or garage
  • Completely clear off any table and counter spaces
  • Clear out the corners before you shoot a room

You’ve heard it plenty of times “pictures are worth a thousand words.” Here are a few of our photo tips to help you make a better impression on buyers. What tips would you add to the list?

Need help preparing your home for sale?  The Caton Team is here to help!  Email us at Info@TheCatonTeam.com

I read this article at:  http://pro.truliablog.com/grow-business/4-listing-photo-turn-offs-for-buyers/?ecampaign=tnews&eurl=pro.truliablog.com%2Fgrow-business%2F4-listing-photo-turn-offs-for-buyers

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522

Visit our Website at:   http://thecatonteam.com/

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me:  http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

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LinkedIn:  http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Importance of Working with a Good Lender

The Importance of Working with a Good Lender – by Sabrina

Buying a home is serious business; especially on the San Francisco Peninsula where even a one bedroom condo can run about half a million bucks.

And in an industry where time is money and money talks, from time to time I will encounter a lender – that offers great rates and low fees – upfront.  And no customer service when you really need it.

Much too often a buyer is tempted to get the best rate – without really considering the whole picture.

Unless you are paying cash – the home loan is the most important aspect of buying a home – aside from the home itself.

So when taking into account that a home is generally the largest purchase of a person’s life – shouldn’t we work with a bank that treats it with the same respect?  YES!

There are hundreds of steps from finding the home to getting the keys.  The loan is probably the largest hurdle aside from home inspections.

Once a buyer’s contract is accepted by the seller – it’s rush time.  Most offers have a time frame – called a contingency period – to have the bank do their appraisal and have the loan/purchase terms reviewed and approved by underwriting.  It can be as long as 17 days in a buyers market – or as short as 5 days in a sellers market.  And this is where we separate the men from the boys.  Some of these out of state or on-line lenders are not located here – where one is buying – and it can be extremely difficult to get information and approvals done when they close shop at 5pm and it’s only 2pm here!

That friendly voice that quoted a buyer a fantastic rate isn’t calling us back anymore…..and when they do it’s often not what we were hoping to hear.  For example, they need more time to review the file – therefore we need to push back the close of escrow date – which seems easy – but again – time is money.   The seller is expecting the buyer to perform to the terms of the contract and it’s not worth losing a home due to a lackluster lender…..and changing lenders mid way is generally not an option.

So – what can a buyer do to be competitive?  Work with a local lender.  Once your credit is pulled the first time – a consumer has 30 days to loan shop without hurting their credit score.  So do it!  Loan shop the whole month and find the best rate, the best fees and make sure the lender is attentive, local and can move at the pace the current market is dictating.

The Caton Team has a list of Client Approved Lenders – so please reach out to us and we’ll introduce you to the team.

Got Questions? – The Caton Team is here to help.  What can we do for you?

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Visit our Website at:   http://thecatonteam.com/

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

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Please enjoy my personal journey through home ownership at:

http://ajourneythroughhomeownership.wordpress.com/

Thanks for reading – Sabrina

6 Wills, Won’ts and Worries of 2013 Home Buyers…. great article – had to share…

When I read this – I just had to share….

 

6 Wills, Won’ts and Worries of 2013 Home Buyers

 

Trulia Article By Tara-Nicholle Nelson

If you’ve ever taken up running, you might know what it’s like to strap on your new shoes, head over to the track and take those first few strides, then feel a pain in your chest, heaviness in your feet and possibly, actually see stars. Maybe your last steps off the track were accompanied by the thought process: “Either I’m crazy, or runners are.”

Until you have talked to a legitimate, dyed in the wool runner and told them your story, explaining why you detest running with every iota of your being you won’t know the runner’s secret: everyone feels that way at first. It’s the normal physiological adjustment to the increased load you’re putting on your cardiovascular and musculoskeletal systems, this pain you felt when you took those first few steps.  It goes away in just a moment, if and only if you keep on running.

Sometimes, knowing that others react to a tough situation by feeling the same emotions, thinking the same thoughts, or doing the same things you do flat out helps you feel less crazy, panicked and out of control of your situation. It’s the concept behind support groups but, last I checked, there really isn’t such a thing as group therapy for home buyers. (Well, some would say that’s what Trulia Voices is for, but I digress.)

Today’s rapidly rising prices and generally volatile market does make things tough for buyers, so we thought we’d systematically explore – and then share – what’s going on inside the minds of the buyers on today’s market.  Hopefully, sellers will find some insights for marketing their properties, too.

Fresh off the presses, here are some of the insights and takeaways from our latest American Dream Survey, pinpointing the things today’s buyers worry about, will and won’t do in their quest to get their own corner of the American Dream: a home.

Worry:  Mortgage rates and prices will rise before I buy.  Trulia’s Economist Jed Kolko reports that “the top worry among all survey respondents who might buy a home someday is that mortgage rates will rise further before they buy (41%), followed by rising prices (37%).”  The worry is valid, given the fact that the market was depressed for so long and has a long recovery road ahead of it.  It’s compounded by the fact that buying a home has gone from something that used to take a month or two and now routinely takes 6 months, 9 months, a year or even longer!

Here’s the deal: you can’t stop prices from rising. And fixating on this particular fear poses the potential pitfall of  rushing to buy or making compromises that will turn out badly in the end.  Don’t dilly dally, if you’re ready and in the market, and don’t mess around making lowball offers with no chance of success.  But otherwise, don’t let this fear drive your buying and timing decisions.

Will:  Be aggressive. B. E. Aggressive. Economist Kolko explained, “among survey respondents who plan to buy a home someday, 2 in 3 (66%)  would use aggressive tactics such as bidding above asking, writing personal letters to the seller, or removing contingencies, to name a few.”  What buyers do and don’t do in the name of aggressively pursuing their dream homes (and, consequently, what sellers expect) is slightly different in every town.

Knowing that other buyers are facing down the same challenges you are and coming up with similar, aggressive solutions can help you feel a little less crazy about your thought processes and emotions and the desperate measures that come to mind when you hear how many others think “your” home is their dream home. And that puts you back in control of what can sometimes feel like an out-of-control situation. Reality check: you are 100% in the driver’s seat when it comes to how aggressive you want to be in your pursuit of any given home, and which specific tactics you leverage in the course of that pursuit.

Worry:  I won’t find a home I like.  Forty-three percent of people who plan to buy a home in the next 12 months expressed the concern that they might not be able to even find a property they like. Perhaps these people were just seriously persnickety, but I suspect there’s a bigger issue at play here.  All of us can find a home we like, but whether there’s anything we like enough to buy in our price range is a completely separate issue.

This worry, then, seems to be closely related to the fear of rising prices – buyers are rightfully fearful that home value increases will put their personal dream homes out of their price range. This is why it’s super important to:

  • be aggressive about seeing suitable properties as soon as they come onto the market
  • work with an agent whose offer pricing advice you trust
  • adjust your house hunt downward in price range if the market dynamics include lots of over-asking sales prices, and
  • not to let months and months go by while you make lowball offers or otherwise be slow to  come to the reality of what homes are actually selling for in your area.

The sooner you put yourself seriously in the game and make reality-based offers, the more likely you’ll be able to score a home you like in your price range.

Worry:  I will have to compete with other buyers for the home I like. Twenty-seven percent of those who plan to buy at some point in the future and 32% of those who plan to buy in the next year said they feared the prospect of facing a bidding war. This worry is well-grounded. In California, the average property receives four offers – but stories of dozens of offers abound. And it’s not just a West Coast phenomenon: buyers from coast to coast trade tales of getting outbid and having to throw in their firstborn child, lastborn puppy and most precious earthly possessions just to get into contract.

Truth is, market dynamics vary from town to town, and even neighborhood to neighborhood, but if you’re buying on today’s market or planning to buy anytime soon, bidding wars, multiple offers and over-asking sales prices are a reality you will probably have to factor into your house hunt.

Won’t:  Bid way more than asking.  Only 9 percent of wanna-be buyers said they would bid between 6 and 10 percent over the asking price for a property. This finding surfaces the uber-importance of checking in with an experienced local agent to get a briefing on precisely how much over asking homes are selling for in your area.  This empowers you to tweak your online house hunting price range low enough that you can make an over-asking offer and be successful without breaking the bank.  And once you’ve gotten a reality-based estimate of the over-asking norm, it will loom less ominously in your mind’s eye as a potential American Dream-killer.

Worry:  I won’t qualify for a mortgage.  Thirty percent of all people who identified themselves as planning to buy a home in the future said they were worried they might not be able to qualify for a home loan. (Interestingly, only 25 percent of buyers in hot markets like Oakland and Las Vegas expressed this concern – rapidly rising prices and knowing lots of other buyers are closing transactions in your town seems to ease this fear.)

Of all the worries on the list, this is the one over which a smart buyer has the most power. So exercise it! Work with a mortgage broker who was referred by friends, family members or an agent you trust.  And ideally, work with them months – even a year or more – before you plan to buy.  They can help you put an action plan in place around boosting your savings and credit score, and minimize your debt and credit dings, that you can work to minimize mortgage qualifying dramas when the time is right. They can also help give you a stronger sense of what you can afford vis-a-vis your income, to help you anticipate any challenges related to what sort of home your dollar will buy in your market.

ALL: What worries do you have about today’s market? Which steps are you willing to take in your quest to achieve the American Dream?

I read this article at:  http://www.trulia.com/blog/taranelson/2013/07/6_wills_won_ts_and_worries_of_2013_home_buyers?ecampaign=cnews20+and1308A&eurl=www.trulia.com%2Fblog%2Ftaranelson%2F2013%2F07%2F6_wills_won_ts_and_worries_of_2013_home_buyers

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call The Caton Team at 650-568-5522

Visit our Website at:   http://thecatonteam.com/

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me:  http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

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Pintrest: https://pinterest.com/SabrinaCaton/

LinkedIn:  http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

Susan Caton – of The Caton Team Realtors – Interviewed by the Daily Journal – Article by Sally Schilling

Please enjoy this article below, my partner and mother-in-law, Susan Caton was interviewed by Sally Schilling of the Daily Journal regarding the local San Francisco Peninsula Real Estate market.

First-Time Home Buyers Beat Out By Cash

By Sally Schilling – Daily Journal Correspondent 9.17.12 5am

Low interest rates and low housing prices have first-time buyers feeling optimistic about purchasing a good home. But people who have saved up enough money for a sizable down payment are finding they are still not in the most favorable position in the housing market.

Cash buyers are often beating out first-time home buyers who are taking out loans.

“They’re being beat out, but not necessarily priced out,” said Anne Oliva, president of the San Mateo County Association of Realtors. Sometimes, cash buyers get preference over buyers with home loans, even if their cash bid is lower, she said.

Traditional home buyers with a 20 percent down payment are struggling, said Oliva, who is currently working with a couple for whom she has put in nine different offers. Her clients have enough for a 20 percent down payment, but sellers are thinking it is better to go with the cash buyer for the sure deal.

The challenge may be even greater for first-time buyers of units in complexes, such as condominiums or apartments. Investors are buying up units with cash and turning them into rentals, said Oliva.

First-time buyers with a 3.5 percent down payment on a condo, for example, may get pre-approved for the loans and have their offer accepted. But they could lose final approval of the loan once the lender sees that the complex has a high number of rentals.

“Every lender looks at the renter-to-owner ratio,” said Oliva, who ran a program for first-time home buyers in San Bruno. “If the renter-to-owner ratio is high, they will not lend.”

While she understands that buying and renting condos is a good move for investors, Oliva worries about how this trend will affect the number of homeowners.

“We could have a huge problem with increasing homeownership if this keeps happening,” she said.

Abundance of cash

“There’s a lot of cash out there,” said Susan Caton, a Realtor based in Redwood City. “It’s amazing, even over $1 million there’s a lot of cash.”

Caton worked with a client who was outbid several times on homes priced at more than $900,000. “They kept getting beat out, and beat out,” she said.

One home priced at more than $1 million in San Francisco had 25 offers on it. A client offered with 60 percent to 70 percent down and had excellent credit. They were beat out by an all-cash offer that was less than asking price.

The all-cash offer closed in nine days, whereas the client’s offer which would have closed in 30 days.

“In San Mateo County, it’s the same thing,” she said. “With 40 or 50 percent down or better, you are still beat out by cash offers.”

Caton agreed that the low housing inventory is a big part of the problem, along with the conditions that come with first-time home buyers with loans.

“Fifty percent down is a darn good offer and a good loan,” she said. “But the sellers or agents are saying ‘take the cash, it’s a sure thing,’ especially with no financing or property conditions.”

Many home buyers do get discouraged.

“It’s a hard battle,” said Caton. “It takes a lot of patience, but they can’t give up.”

But she sees a silver lining in the dark cloud.

“In each instance when a buyer is beat out a number of times, when they finally get a house they are so happy they got the one they got,” she said.

Strings attached

There are many reasons for sellers to prefer all-cash offers from prospectors over a down payment from a home buyer with a loan. Many strings are attached to a deal with a first-time home buyer; the sale may take longer to close, an appraisal is needed and sometimes sellers are required to do repairs. And on the other hand, a cash offer may have no conditions.

“If you’re up against cash offers, it’s very difficult,” said Diane Viviani, a longtime real estate agent in San Mateo County.

The cash-buyer trend is especially apparent in the $500,000 to $700,000 range, where inventory is low, said Viviani.

Recently, a home on Oneill Drive in San Mateo had 30 offers on it, she said. The listing price was $525,000 and it sold for $675,000, after being on the market for just eight days.

“I’ll tell a buyer to make the best offer you can,” she said.

For those taking out Federal Housing Administration loans, the down payment only needs to be 3 percent, said Viviani. But with such a low down payment, the lender’s liability is higher and the buyer seems less attractive.

“It’s doable,” said Viviani of FHA loans. “But when something comes at or below market [price], they’re seeing them go [to cash buyers].”

Fading trend

Joe Rodden, a longtime real estate broker based in Redwood City, has seen this trend. A home on 18th Avenue was recently sold to a cash buyer, despite the offer being 5 percent less than the other offers from people taking out loans, said Rodden.

“[The seller] felt more comfortable taking cash because it was a sure thing,” he said.

When asked what happens to the houses after they are bought with cash, Rodden said this is up to the buyer. Cash buyers could potentially close a deal with cash and then take out a loan, but the contract would still say all cash.

The cash trend has become less common in the past couple of months because prices have bumped up, said Rodden.

“Now cash buyers don’t see the same bargain,” he said.

I read this article at:

http://smdailyjournal.com/article_preview.php?id=1754902&title=First-time

Sabrina’s 2 cents…

Reading this article, it is clear – the local San Francisco Bay Area Real Estate market is highly competitive – so really nothing has changed.  We live in one of the greatest places on earth!

Though the focus of this article made it clear how tough it can be – The Caton Team has seen the light at the end of the tunnel.  After our clients experience writing multiple offers and being out bid – we reevaluate the situation and get back into the market.  I’m happy to say in the end, we find the right home for the right client.  Each experience is different though… thus our ‘Cinderella Story’ blog entires.  ENJOY!

A Cinderella Story… Lisa and All Those Offers…. at:

https://therealestatebeat.wordpress.com/2012/07/02/a-cinderella-story-lisa-and-all-those-offers/

A Cinderella Story… Jake  and Sophia…. at:

https://therealestatebeat.wordpress.com/2011/09/09/a-cinderella-story-part-2-jake-sophia/

A Cinderella Story…Nisi and Rip… at:

https://therealestatebeat.wordpress.com/2011/08/15/a-cinderella-story-part-1/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Visit our Website at:   http://thecatonteam.com/

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-cityå

Or Yelp me:  http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

10 Tax Tips for Home Sellers – great article – had to share…

10 tax tips for home sellers

Real Estate Tax Talk By Stephen Fishman

The IRS has recently issued a helpful list of 10 tax tips all homeowners should keep in mind when selling a home:

1. You are usually eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

4. If you can exclude all of the gain, you do not need to report the sale on your tax return.

5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.

6. You cannot deduct a loss from the sale of your main home.

7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.

8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

9. If you received the first-time homebuyer credit and within 36 months of the date of purchase the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.

10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

For more information about selling your home, see IRS Publication 523, Selling Your Home.

Stephen Fishman is a tax expert, attorney and author who has published 18 books.

I read this article at:  http://lowes.inman.com/newsletter/2012/09/10/news/200760

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