When did we close on a summer home?
Q: On March 12, we closed on a summer home about 2 hours or so from our primary home. Just to give you some background, the whole process was difficult because the sellers, their Realtor, our Realtor and their lawyer were not particularly cooperative and were disorganized about details related to the closing.
When did the seller turn off the heat?
Well, unbeknownst to us, the seller had called the utilities company on March 9th and requested that the heat and electricity be turned off on March 14th. We didn’t know that they did this and no one mentioned anything to us at any time. Five days after the closing (on Sunday), we drove to the house to clean up and begin painting.
Can a buyer back out of buying a house?
For example, a buyer may agree to buy a home “as-is” from the seller, despite what the home’s condition turns out to be. The buyer still has the responsibility to conduct inspections and retains the right to back out if the findings are unfavorable.
What’s the depreciation on a house sold before death?
Let’s say that your parent transfers their $300,000 house to you before their death. They paid $80,000 for it 30 years ago and made $40,000 worth of improvements to it over the years. They never claimed any depreciation on the property. Your cost basis is therefore $120,000—$80,000 plus $40,000.
Q: On March 12, we closed on a summer home about 2 hours or so from our primary home. Just to give you some background, the whole process was difficult because the sellers, their Realtor, our Realtor and their lawyer were not particularly cooperative and were disorganized about details related to the closing.
Well, unbeknownst to us, the seller had called the utilities company on March 9th and requested that the heat and electricity be turned off on March 14th. We didn’t know that they did this and no one mentioned anything to us at any time. Five days after the closing (on Sunday), we drove to the house to clean up and begin painting.
For example, a buyer may agree to buy a home “as-is” from the seller, despite what the home’s condition turns out to be. The buyer still has the responsibility to conduct inspections and retains the right to back out if the findings are unfavorable.
When does the real estate market go back to the mean?
It’s hard to say. Just know that prices tend to revert back to the mean or overshoot on the downside very 4 – 10 years. Real estate takes 2-5 years to correct, so there is no rush to buy now. Recognizing Signs Of Housing Market Strength
