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Agent2Agent in Williamsburg : Real Estate Advice

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  • Local Info17
  • Home Buying35
  • Home Selling9
  • Market Conditions15

Activity 4
Ryan Lawrence, Real Estate Pro in Beach, ND
Mon Jun 11, 2012
Ryan Lawrence answered:
Thank you for all of your answers!
0 votes 6 answers Share Flag
Barbara R Le…, Real Estate Pro in Williamsburg, VA
Thu Aug 11, 2011
Barbara R Levine answered:
Hi Shirley
Curious why this question has arisen in N. Va.
Here's the explanation:
Most of our contracts are written subject to a home inspection for material adverse defects- not cosmetic.
The repairs to be agreed upon by Buyer and Seller. Prior to settlement Buyer has the right to do a walk through to
1- make sure all items on home inspection that were agreed upon have been taken care of, 2- to check to make sure no "new" material defects have occurred since the home inspection and then to make sure everything is in working order or whatever has been agreed upon in writing between buyer and seller. The buyer cannot ask the seller to repair things that were part of the home inspection- but were agreed upon by all parties "not" to repair. We have no limit of liability on the Home Inspection, but typically have a limit of liability (for seller) on the walk through. We encourage buyer to do a home inspection without exception. Hope this helps clarify. Barbara Levine
... more
0 votes 5 answers Share Flag
Rolf Kramer, Real Estate Pro in Williamsburg, VA
Thu Aug 11, 2011
Rolf Kramer answered:
Here you go. i have been getting emails as well.


There are emails being passed around that start with the following:
“Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home, etc.
When did this happen? ........ It's in the health care bill.”

Well, this a mixture of false and true information. Beginning January 1, 2013, a new 3.8 percent tax on some investment income will take effect. Since this new tax will affect some real estate transactions, it is important to clearly understand the tax and how it could impact you if you are selling a house after January 1, 2013.

It’s a complicated tax.. The NATIONAL ASSOCIATION OF REALTORS® has developed an informational brochure . It includes examples of different scenarios in which this new tax — passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care and Medicare overhaul plans — could be relevant to you.

This tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.

Here’s a good summary from “The referenced tax is therefore not a tax on all real estate sales; it is an investment income tax which could result in a very small percentage of home sellers paying additional taxes on home sales profits over a designated threshold amount, in short, if you're a "high earner" and you sell your home at a substantial profit, you might be required to pay an additional 3.8% tax. However, given that the existing home sale capital gains exclusion on a principal residence ($250,000 allowable gain for individuals, or $500,000 for couples) still stands and no Medicare tax will apply for gains within those limits, that the bill's definition of "high earners" encompasses less than 5 percent of all taxpayers, and that the median sales price of existing single-family homes in the U.S. was only $170,700 in March 2010, the Medicare tax will likely affect only a small percentage of home sellers when it is implemented in 2013.”

There are many additional questions answered in detail at :
... more
3 votes 1 answer Share Flag
Shirley Kappa, Real Estate Pro in Williamsburg, VA
Thu Aug 11, 2011
Shirley Kappa answered:
Both responses below are correct. However, the condition of the property (i.e. updates), the amount of lawn care, the availability of rentals in the area, and other factors also play into pricing a rental. If there are an abundance of might have to settle for a lower rent. If rentals are can try for the higher end of the rental market for the area. ... more
0 votes 3 answers Share Flag
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