A Few Other Tidbits of Value for Buyers
- Most Sellers to whom you make an offer will want to see that you are qualified for a loan sufficient to purchase the property or Proof of Funds in a bank or other account. Take a look at our article in this section of our website entitled “Tucson Home Financing Guidance” for detailed information about this.
- A Tucson Licensed Realtor can show you ANY home for sale, including a new home being marketed by the builder or a FSBO.
- If you are looking for new homes, it’s a good idea to be represented by your own Realtor. Just as you would not expect the attorney for the opposing side in a legal matter to represent YOUR interests, so you should not expect the salesperson being paid by the builder to be concerned about your best interests, certainly not to the extent that your own Realtor would be. It does not cost a penny more to be represented by your own Realtor. The only catch is that you must have your Realtor with you the first time you go to look at a builder’s new homes, or have your Realtor register you before you go. If you do not do this, then you will not be able to use your own Realtor to negotiate on your behalf. SO, CALL US FIRST!
- You can also be represented by a Realtor if you are looking at a FSBO (For Sale By Owner) home. This can be very helpful, and you will know that you have someone looking things over and negotiating on your behalf. Ask us about this if you wish to look at any FSBO homes.
- Once you have made an offer, you have the right to conduct any inspections of the home that you feel are warranted. Take full advantage of this important right of a Tucson home buyer to be sure you know the exact condition of the home.
- A home warranty is a valuable addition in the purchase of a home. This can guarantee that you are covered for all major systems in the home including central heat and air conditioning (HVAC), built-in appliances, pool equipment, and interior plumbing. We always ask for this for our Buyers. If a Seller will not provide this, we advise our Buyers to purchase this coverage for themselves, and have often seen it come in very handy.
- While the basic tax rule on gains from the sale of a home are fairly clear, i.e. that a married homeowner can exclude from capital gains tax the first $500,000 of gains on the sale of a home, and a single taxpayer or one filing separately can exclude up to $250,000 of gains, you should check with tax counsel if your situation has any unique complications. The sold home has to have been the taxpayer’s “principal residence” for the past two years to qualify for exclusion from capital gains taxation, and those are words of art that have been interpreted in many IRS Rulings and court cases. If in doubt, check with an expert. i.e. a tax attorney or accountant.