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Accepting An Offer >Know Your Price Range
As a homebuyer, you may have found the perfect new house for your growing family, but what if it is a little out of your price range? You might list your current home for more than it is worth and be lucky enough to find a qualified buyer who is willing to pay the price, but it is impossible to know in advance what your home will sell for.
If you want to sell your home quickly, have a frank and detailed conversation with your real estate agent to determine the best price for the house. Setting your price within 5% of the fair market value of your home greatly increases your chances of getting solid offers that will result in a relatively quick sale.
Don't buy and sell so close to your target amount that you become anxious when the numbers don't meet your expectations. There may be other approaches, such as adjustable rate mortgages or owner financing, to increase your buying power and get you into that new home. When you are selling one home and buying another, you will need more than good luck. You will need a highly professional and experienced real estate agent who can give you solid advice on how to make the transaction work for your particular requirements.
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| Q |
Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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| A |
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year. |
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