Beth DeCarbo
speaker
144 appearances
3 recordings
1 series
first heard Aug 2019
last heard Sep 2021
Beth DeCarbo’s voice in public audio — every appearance, attributed to the second.
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Appearances
Some people waive the inspection because it makes their offer more attractive to the seller.
But that can really come back and bite them down the road.
Thanks for having me.
It happens a lot.
Sellers are often in love with their houses and it lets them kind of overlook some of the flaws.
The best way to bypass that is for sellers to get some feedback from potential buyers or their agents.
Or if a buyer commissions an inspection that kills an offer, find out what that deal breaker was.
It doesn't mean you have to fix it, but it means that you can be upfront about it if it's something with the roof or the mechanical system.
That's right.
Sellers are legally obligated to disclose known deficiencies.
So by fudging flaws, you're eroding the trust between buyer and seller, and the buyer may just actually take a harder look at everything in your house or even walk away from the deal.
You could also face legal action if you don't disclose something after the sale closes.
The seller should know that if a home has appreciated in value, that profit could be subject to capital gains taxes.
So somebody who has a profit that exceeds the $250,000 maximum for individuals or $500,000 maximum for married couples could face a hefty tax bill.
The best way to offset that is while you own the house and live in the house is to keep any receipts that show capital improvements.
That can potentially reduce your tax bill when you have that documentation because it shows that you increased the home's market value or extended its useful life or adapted it to new uses.
So those receipts that you keep all along could really help you down the road.
Things can be really messy when an heir tries to sell a home that's been in the family.
A lot of disputes come up, a lot of legal cases come up, because really the seller, the original owner, didn't have a very good estate plan.
It didn't have enough details that would explain who owns what, what percentage of what, who gets what, and who can sell what.
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