Welcome!




Expand Your Education with These Courses from
A Consumer Advocate Approach to Real Estate: Course 1.
Accredited Buyer’s Representative.
Time Management: Skills for Sales Success: Part Two.
Customer Relationship Building: Skills for Sales Success: Part Seven.
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.

Consumer News and Advice Archive


Can I deduct a loss on the sale of my home?

No. A loss from the sale of personal-use property, such as a home or car, is not deductible. They are considered nondeductible personal losses, and you cannot reduce your tax bill by deducting them the way you would deduct stock and investment losses on your tax returns.


What if you have more than one home?

For more than one home, you can exclude the gain only from the sale of your main residence. 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 usually the one you live ...


How do capital gains work when you sell your home?

If you sell your primary residence, you may be able to exclude up to $250,000 of gain - $500,000 for married couples - from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for ...


How does a lease option work?

A landlord agrees to give a renter an exclusive option to purchase the property. The option price is usually determined at the outset, but not always, and the agreement states when the purchase should take place - whether, say, six months, or a year or two down the road. ...


What is a lease option?

It is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property. The option only binds the seller; the tenant has a choice to make a purchase or not. ...


What are the benefits of seller financing?

Seller financing is a viable option when the seller does not immediately need the entire cash equity they have accumulated in the home. ...


What is seller financing?

Also known as a purchase money mortgage, it is when the seller agrees to "lend" money to the buyer to purchase and close on the seller's home. Usually sellers do this when money is tight, interest rates are high or when a buyer has difficulty qualifying for a conventional loan ...


What is a bridge loan?

It is a short-term bank loan of the equity in the home you are selling. You may take out a bridge loan, or interim financing, to help with a knotty situation: closing on the home you are buying before you close on the property you are selling. This loan ...


Any advice on negotiating?

Be patient, know your home's worth, adopt a positive attitude, and do not let emotions---anger, pride, greed, or prejudice---get in the way of negotiating the best deal. ...


What kinds of things are considered material facts?

The following examples include details that would qualify as material facts that must be revealed by sellers about their homes: ...


Do I have to disclose information about my home?

Disclosure could protect you from a lawsuit. Today, home sellers in most states must now fill out a form disclosing material facts about their homes. Material facts are details about the home's condition or legal status, as well as the age of various components. ...


What about appraised value and market value?

A certified appraiser who is trained to provide the estimated value of a home determines its appraised value. The appraised value is based on comparable sales, the condition of the property, and several other factors. ...


What is the difference between list price and sales price?

The list price is your advertised price, or asking price, for a home. It is a rough estimate of what you want to complete a home sale. A good way to determine if the list price is a fair one is to look at the sales prices of similar homes ...


Are there standard ways to determine how much a home is worth?

Yes. A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home's value. ...


How do you determine how much a home is worth?

The short answer: a home is ultimately worth what is paid for it. Everything else is really an estimate of value. Take, for example, a hot seller's market when demand for housing is high but the inventory of available homes for sale is low. During this time, homes can sell ...