Understanding the Costs of Selling Your Home

Selling your home can be an exciting yet daunting process, and one of the most pressing questions you may have is, “What will it cost me?” The total expenses involved in selling a home can fluctuate based on various factors, including the sale price, any concessions you might offer to buyers, and the condition of your property. Understanding these costs upfront can help you plan better and minimize surprises down the road. Key Expenses to Anticipate 1. Closing Costs and Commissions One of the largest expenses you'll encounter is the closing costs, which typically range from 2% to 4% of…
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What You Need to Know About IRS Reporting When Selling Your Home

If you’re selling your home, you might be surprised to learn that certain information regarding the sale must be reported to the IRS. This requirement stems from the Tax Reform Act of 1986 and is meant to ensure compliance with tax laws and to assist the IRS with audits. To make the process easier for you, here’s a clear explanation of what to expect when selling your property: Who is Responsible for Reporting the Sale to the IRS?According to IRS guidelines, the seller’s gross proceeds from the sale must be reported on Form 1099S. But don’t worry—you don’t have to…
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How to Handle Lowball Offers on Your Home

Selling your home is an exciting journey, but receiving a lowball offer can feel like a setback. While it might be tempting to reject such offers outright, handling them with patience and strategy can often lead to a better outcome. Here’s how to effectively manage lowball offers on your home. 1. Stay Calm and Objective First and foremost, receiving a lowball offer can be disappointing, but it’s important to stay calm and not take it personally. Remember, buyers are often testing the waters to see how much room there is for negotiation. 2. Evaluate the Offer Next, carefully review the…
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