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Meet the Chris Fritch Team Keller Williams Classic Realty!


This is the Chris Fritch Team Keller Williams Classic Realty!  We are the #1 group in our market Center!!!

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Q and A with Chris Fritch #heirs #taxes written by Benny L Kass

Q.
My wife and I are retired and are in our seventies. We have two children, and our house is currently worth approximately $300,000. We purchased the property many years ago for $32,000, and currently have a very small mortgage and a $40,000 home equity loan. We are debating on whether to sell the house and take the up-to-$500,000 exclusion of gain or to let our children inherit the house when we pass on.

What are the implications of all of this appreciation on our estate if we do not sell our house before we die. Must my heirs pay tax on the entire appreciation? How is this covered in the Tax Code? A.  This is a very complicated issue, and you must seek advice from your tax advisors. It is especially important now that Congress has enacted a major change in the tax laws -- much of which is still under review by the tax experts. You should also discuss your concerns with your children, although the final decision can only be made by you. Oversimplified, the basis of inherited property…

DOES A SELLER HAVE TO MAKE REPAIRS AFTER INSPECTION?

Q. Dear Chris,

I am selling a home for the first time and just received an offer. Before the offer was submitted, the buyer had a home-inspection completed, and the inspection report says that there are a few items that may not be up to standards or are in need of repair/replacing.

Before the inspection I was unaware that some of these items would not be deemed “up to standard,” and I’m wondering who is responsible for purchasing the replacement appliances and making small repairs? The buyer’s offer is above my asking price, and I am willing to replace/repair what is necessary to move forward with the sale, but I’m not sure what that entails. Can you help?

Terrence


A. Terrance,

Thank you for reaching out.

As a home seller, it’s best that you know the process before accepting any offers, and that you work alongside a trusted real estate professional who has experience assisting both buyers and sellers in your local market.

During most home sales, after a buyer has seen a home and is re…

The First Time Home Buying Process isn't as difficult as you might think!

Have you been thinking about purchasing your first home?
Ever find yourself wondering how the home buying process actually works?
Good news! We’re here to fill you in on everything you need to know when it comes to
buying your first home!


Know and Understand your Credit- Familiarize yourself with your credit history and make sure all the information in your
credit reports is accurate. If your credit is good, keep up with it. Don’t go charging on your
credit cards for big purchases or taking out additional loans. You want to keep your credit in
tip-top shape so you can get pre-approved for a mortgage.

Find Yourself a Great Real Estate Agent/Team - Buying a home for your first time is supposed to be fun but can also be very stressful
and overwhelming. Find yourself an agent/team
(like the Chris Fritch Team Keller Williams Classic Realty!)
who can help alleviate some of that stress. Choose someone who knows what they are doing
and will be there to guide you through the process and help answe…