Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Selling in 85224 : Real Estate Advice

  • All33
  • Local Info5
  • Home Buying14
  • Home Selling3
  • Market Conditions0

Activity 3
Sun Jul 23, 2017
Karen Peyton answered:
Honestly, I haven't had any problems when representing Buyers or Sellers. Contact your agent to address any concerns you may have. He or she is your "point person" throughout the transaction and sales process. ... more
0 votes 1 answer Share Flag
Sun Aug 17, 2014
Sharyn Younger answered:
Hi Eric,
I'm sorry to hear about you're needing to leave Chandler and I hope the issues that are taking you away don't cause you too much distress. Perhaps we'll be neighbors again in the future. As tar as appraisals go, no mistake on your part. As has been stated several times in response to your question, market changes could make even a 3 month old appraisal obsolete, and appraisers in fact, typically prefer to go no further back in comparable sales, than 90 days. Part of a Realtors job is to value the home based on current comps and when you list your home, it should be with confidence that the agent you list with has a good handle on the value of homes in your area and the price at which your home should sell. Certain circumstances make a "pre-appraisal" a good idea and include unique or unusual homes or homes in areas where there are few recent comparable sales.

Best of luck to you and your family,
Sharyn
... more
0 votes 5 answers Share Flag
Fri Jul 22, 2011
Az224seller answered:
Thanks for all the responses/info.

Some more info: if I move, it wouldn't be on a temporary basis because the eventual goal would be to have us both living in the same place. Yes, I planned to buy another house back east, but come back to AZ every week or so for the weekend. I understand that this would not classify as a permanent resident of AZ and would not be allowed to consider my AZ home as my primary residence, so I think we're at the point where I just need to figure out the FTHB credit issue should we leave before 5/12. We don't have to; we were just curious as to what we would be looking at in terms of options.

I've gone through Form 5405, Gain/Loss Worksheet (from 5405 instructions) and Worksheet 1 from Pub 523 (used to calculate Adjusted Basis) using real basic figures. If I did everything correctly, then I think we're going to be okay. I think the big thing for us is that we made a lot of large improvements (AC, roof, windows, brick wall replacement) to the house the two years we've been there, which significantly increases the Adjusted Basis and we'd be selling it for a little less than what we actually paid for it (guess we should have waited a few more years to buy :) )

The worksheets were fairly straight forward.

Pub 523; Worksheet 1:
purchase price ($160k), less seller paid points (none) and other fees (none), plus additions/improvements ($18k), less depreciation and other decreases ($8000) to arrive at my Adjusted Basis (Worksheet 5405, Line 4) = $170k.

Gain/Loss Worksheet:
I took the estimated selling price (approximately $150k, but it is dependent on multiple factors), less selling expenses. I then subtracted the adjusted basis ($170k), less the FTHB credit ($8K), arriving at a loss of $12k. The Gain/Loss worksheet says that "If line 7 (gain/loss) is -0- or less, check the box on line 13b of Form 5405...". ($12k) is less than 0, so 13b is my option.

Form 5405:
13b states: "I sold (including through foreclosure) the home to a person who is not related to me and did not have a gain on the sale (as figured using the worksheet in the instructions). No repayment of the credit is required. Stop here."

My biggest concern is that I'm missing something. My education background was in accounting, which included taxes, but I haven't worked in that field since I graduated, so I'm a little hesitant to say I'm 100% right.

If I'm not missing anything, then, honestly, given that I'm not planning to be in the home long-term, it's my best option to sell the property, as long as I can get what I owe on the property, paying the realtor with cash.

Thanks again for your thoughts/assistance though. I'll definitely have to look for someone if we are able to make the move and decide to make it.
... more
0 votes 8 answers Share Flag
Search Advice
Search

Followers

338