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Show G2 Advertising Supplement to The Salt Lake Tribune TheSalt Lake Tribune, Sunday, September 10, 1995 Real Estate Q&A: No Driveway I havelived six months of the year since 1993. If and when I decide to sell the Indiana house,will I be required to pay eel gains tax? e Internal Revenue Codeal1s for a deferral of een of gain, or if you are over age 55, one-time exemptionfrom catin of $125,000 of a gain from the sale of your prmcipal residence. To qualify fo: r the once-in-a-lifetime exemption, ru must have owned and used the house as your principal residence in three of the last five By George Karvel Knight-Ridder Newspapers Q. I’ve been trying to sell my house for three years. The price is right but there’s no driveway to the garage. The next-door neighborlet the previous owner use his driveway, but when he sold the property, the driveway was fenced off from my place. I have had no luck getting access t the driveway from the current mer. Is there some wayI could get her to open up the fence? A. Although you ask only one question, you have two problems. ‘Whenever « meonetells me she has ‘beentrying to sell her home for three years, I know the homeis overpriced. A homepriced fairly ‘will sell within 90 to 120 days. I suggest that you obtain a free marketevaluation from a real estate broker. The brokerwill tell you ‘whatheor shebelievesis a fair ‘price with and without an easement to your garage. If you cannot talk your neighbor into giving you an easement, try offering money. Perhaps she will be glad to get $1,000-$2,000 in exchange for giving you a permanent easement. One caution: Do not pay more for the easement than it adds to the resale price of your home. years. When morethan one residence is involved, the facts and cireumpone residence. Some of the crieria may include: ® Which homeis lived in most of the time. @ Where you areregistered to vote. © Where yourdriver's and carlicense are obtained @ Where you pay — or don’t pay — state income taxes. By your own admission you are a Florida resident. This would indicate that your Indiana home would not qualify for the $125,000 exemp- Dealing With a Home Seller Who Demands Too Much Elien James Martin defer- ral and exemption. Run, don’t walk, to your tax adviser to discussthis strategy. purchased a condoin Florida, where NOW Bf Madison Mortgage Inc. & Pre-Approvai For Purchases f Is the time fo buy a new home! Rates are down and our fees are low! @Free @Free Loan Comparison For Refinances @No-Out-ofPocket” Refinance Available @Refinance Your Adjustable Mortgage Sow:e @ Low Fixed Rate and Save $ exe Heip Alt Credit Stussons, Cal! for rates on additional programs Over 24 years experience. Ask about our conventional streamline refinance program. f Call 24 hrs a Day, 7 Days a Week 278-5151 or 1-806-800-1902 8 574-2226 » 800-292-2206 (outside Salt Lake County) ites s0prasl oni i eens over $100,000 ladison M oan process § must ore i the of Sey BalNADIVara ES Ere cage ESOMULarbos oyePese! 1 # ler 456-2a pecan sss) ro HOMES. HOMES Rewony SPECTACULAR VIEW OF NEAT BRICK RAMBLER ie Stunning, open, fabulous. $124,900, Sandy w/4 bats, famEvorrining vou have always mm,2 wbatoTe format wanted In a new home, bemifinished, 2 car jarege. . brick ram. aig, 7 Naeison ‘Chis Hobson Diet on culde-sac, main fi) 1 FT2A085/S903716 580-3782 8 rma many TeyHd WONDERFUL THPLEX! ‘Becks shoded by sas WILLOWCREEK GOLF di units, car garage. SeOPEN: 2:00-8:00 ‘oul bamt, enteriainers bar. 4860 bih Zttory on 0 orale motors, 19800.oll for $ STRATTON DR private uaeieee more Information. Temera buranet Yob-2226 rambler natesNigh min views, So/500-344 Fabulous fench nthe hilin olla. § ba, w ms on i: doors, window seats, Charmi MEW IN ROSE PARK OPEN: 4:30-4:30 Panorarnic valley & min. $495 000 ‘Chansy muttievel, 3 bdr, 3 bits, 44863 HIDDEN CANYON LN ‘acre, views Priced righ for quick sale main floor laundry & family rm. as Dorothy Harris and Charlotte Thomas, both of Wardings. ley Better Home & Gardens, have completed the adWajae Cox, Jr., has 18 years of experience in sales. : vanced schooling to become a Graduate of the Rea! Esaad marketing fathice with Ford Customer Sertate Institute (GRI). Less than 20 percent of all vice Division, Yast Office Systems and Westland Trans Realtors hold this designation in the United States. portation oa Charlet Walk joins ERAwith 17 years of experiencé ERA-Carison, Realtors welcomes three new assoin real estate. She was a Million Dollar Producer for ciates to its team — John M. Ekins, Wayne W.Cox, Jr., several years with her previous ecmpany. She specialand Charlet Walk. izes in residential real estate winning “op Sales and = John Ekins previously worked in corporate mergers Listing Agent” in every firm shehas been with. Walk also eoe “Top Commercial Sales Agent” for one and acquisitions as well as i_rge scale commercial demont velopment planning. He will be specializing in corpo- tion. But it you sell your Indiana house now, you may qualify under the 3/5-year rule SOF oth 2aone goroge$e Universal Press Syndicate He was a filmmaker — searching for a serene retreat. And he was delighted to discover an old,tri-level house in a woodedsetting on a peaceful marsh. But there was onecatch. The retired couple selling the home wanted at least $15,000 more than market value. And they seemed unwilling to budge onprice. Howdid the filmmaker manage to buy the house for areasonable sum? He dispatched his broker to the elderly couple’s hometo deliver his offer in person. As a result, the couple came down in price and the deal soon closed. “My purpose was to soften and humanize the offer — to lessen some ofthe seller’s anger,” says Dorcas Helfant, a Coldwell Banker executive who was the broker in the deal. Seasoned real estate professionals know the power of emotion in home sales. And they know that people who feel attached to their homes may take personal offense at the notion that their price is too high. “Their attitude is, This is my castie; don’t tell me my castle isn’t better than any othercastle,” says Helfant, former president of the National Association of Realtors. What can you do when the house you've foundis right, but the price is wrong? Realty specialists offer four coping strategies: @ No. 1: Learn what you can aboutthesellers and shape your bid accordingly. “The most important questions to ask are, "What motivates the sellers?’ and ’Are Ey in a hurry?” says Terri Murphy, a Re/Max agent and authorof “Terri Murphy’s Listing & Selling Secrets,” a forthcoming book by Dearborn Financial. Sellers who are going through a divorce may be in a big rush to liquidate a homearid could give way on price — if you’re willing to move with haste. (Unless one partneris resisting the sale to avoid being forced out of the property.) Those who are leaving town for another job may also be motivated to move quickly. Ditto for those whose properties have been languishing on the market for many months. It’s tougher to negotiate with sellers in no rush to leave —like the elderly couple with the marsh home who had nofirm timetable. The sameis true of sellers seo Kay | ‘bramotic Hidden Conyon set-| ot $449.900 4 ebayAppt ‘Sip Sinith bets, , $90:3782/277-48% Many upgrades,nes 540-3986 [great ‘oom, maple itchons decks vows! $500,009 Toryery Coronel 44b730| opps 2ongon 06) NRE 00$3. en Fabulous views irom Emigration OPEK: 2908-00 e789) PRICED TO RELL On monte lulylanccoped BV pak This Weokendl $66,000 Dan Toliey 568-5971 : 42:00-3:00 UCED 40K! All remodeled ee rns| brick ‘able! w/ighwalkout + @ shower lor fale re ad | bars, new ice ati hardwoods & new carpal. 7 H/580-3344 499900 Pel %a PPRPRSMEE Hitec Waker 2095 HOUSES OPEN: 4:00-3:00 ce2a |, 2413 E MOH MOUNTAIN a tng 8 rairigerator ineit el ice neighbotho 4.65 Woneat 1280" COfympus View! All rick ra 277-6834/S00-9782 bier, Bar He root, ap rox £000 aon ow Boe a, angosenmm Teal oo NeW USTING00 8) ee ee y era Now c! coord , 2atoy, 2s i cave. suet nw tox pon Rt e373 by OokHomes 4b Fm.Scar ger, 3200 finished sq.f. on 2 floors y/unlinished tami. 4/3 acre Owe oc uPy fend fot. $389, * lun aoe sassra| Route andtheoxtcanein cg THE ULTIMATEGET-AWAY! - omeraS Pre ONDA| }%y Drea Move innowsecs) for you. 3 fan's. Appr380 acrerat Is whl youl! Se bh, mcs whol hb sna,Cove o mounicins. Suite. Main f great $2 toy Kany Poxton OPER: 42:30-3:00 OPEN: 4:00-2:00 40076 BELL CANYON RD 3309 4384 E PERRY AVE (90 Fabulous professionally defara peteoom ee ear eae preserved ‘home. ow chon, spec Haculor woodwork. $385,000 365-9043 ck Gennion OPEN:NORTH 1:00-4:00 FORTY 9968 home in nice oreo of Wondertul‘Gon Wiicrcs.eter consien ieeeVeStor 8500. Bove Gunnet sb7387| OPEL: 4:00-8:00 WOW.HOLLADAY heaven. Home, 26x44 shec, 284 bam.Not port ni honp 002344 Podge lohixon S8D7474 NEW LUSTING! Dating na planon2ace Walk Cox Harris rate sales with ERA as well as general residential Hist stances determine whichits the Q.I lived in a housein Indiana since 1957. I retired in 1989 and iGeee Real Movers FINANCIAL CENTERof Utah a gl Residential and Commercial Mortgages FREE PRE-QUALIFICATIONS REMODEL/DEBT CONSOLIDATION "We oe CLOSING COSTS ile people 6%% 525 PROGRAM finance 7.00% APR. homes” SERVING UTAH SINCE 1988 Cali 278-1099 for appointment 1981 E. 4800 S. Suite 110 Raies subject to change without notice. * Some restrictions a who have lived in the house only a short while — and «| therefore have little or no equity. How can you gather information on the seller? Your agent can often pick up a lot through informat| conversation with the seller’s agent. And the agent carr! also often obtain a “property history” from the Multiple Listing Service (MLS). Knowing about the selier’s motivation and timing could help you fashion an offer that meets the seller on several other fronts — whilestill cutting price. You could guarantee an early closing, for instance, to help-a hurried owner exit quickly. 3 @ No, 2: Ask your agent to meet the sellers on their turf if price is a sensitive issue. Helfant knew that the elderly couple who owned the! marsh home had their entire nest egg tied up in the property. And she knew they had put their hearts into : the home’s improvements — during a period that spanned decades. 3) That’s why shevisited them personally to tactfully= highlight the good points of the property before mak-=: ing a formaloffer she knew would disappoint the cou« ple. “J told them about the realities of the market and asked them to sleep on the offer before they respond--. ed,” Helfant recalls. An increasing number of American homebuyers are-, using “huyers’ agents,” whoarelegally bound to représent their interests. And Helfant favors the trend — especially in situations where the value of the propertyiis contested. In the case of the marsh home,for instance, the ili! maker was certain he had an advocate working for him: when Helfant presented his offer to the elderly couplé.; In such a case,it’s important to have a tactful advocate’ working on your side, she says. : ®@ No. 3: Present objective data that supports your = case for a lowerprice. Whatare comparable homesselling for in the area . where you're seeking to buy? If they’re genuinely less than you believe you should pay for the house you've chosen, then why not attach such proof to your contract offer? i It’s always a better bet to deal with objective facts _; than to make subjective judgments about a property's value, says Peter G. Miller, author of several real es- tate books, including “Buy Your First Home Now,” by ! HarperCollins. Using independent data helps spare the seller's feel: ings. “Never tell a homeseller his house is ugly or his price is too high,” Miller says. @ No. 4: Consider seeking a pre-offer appraisal for sn out-of-the-ordinary property. Hiring an appraiserto give an opinion on the value= of a property costs several hundred dollars. And investing in such an appraisal as a wayoftalking a seller down in price is a gamble, at best. "30 YEAR FIXED 15 YEAR FIXED 7.5% APR 7.71% - 7.125% APR 7.45% Adjustable Rate 4.25% APR 4.42% 100% Equity Lines Avaliable 180 DAY INTEREST RATE GUARANTEE AT THE TIME OF CLOSING YOU GET THE RATE YOU LOCKED t CURRENT RATE WHICHEVER [8 BEST. the borrowsr and professionally. Cali we at: Baileik or 305-4835 cul-de-sac lot pine trees, men hr, ; MORTGAGE OnE fee asStopes! 7age 7 Nae ® toom, Sweeping valley coatings, ‘on ing. $339,000 $344,900 Chapman 943-9903. e0a224 Breve Bryant OLYMPUS COVE! OPEN: 2:09-6:00 aged Seuth : 200koe 2k acro taeoee. an crmpusbie your4 bc. § bth,very cule. Lg yard, 2 gor Us fuck | keundry ims, colings w/ TA xtra vouils & motdings. OPEN: 3:00-6:00 Sass. 4737 § Malo High 4440 FIRES LANE (3620 7686 & FELDSTONE LH Remode'e"scorer ston Dariene Dipo 7724283/Rbd-A015 siyle kitchen, Double oven qn APPRAISAL! Gor| won pony. bn, Dh, |ej/warmth & charm. views. This home is truly @ gam! fostic finish, format & Yes Pw SH: New Homes Community ‘da, $ cor eotable mat aife, 16. + callings light & br din the privet community of Pepperwood. $289,900 Rad Fotenrwon 80-4188 Wordorit Ataoke fyergeous,3 bat, ks, moldings from England de NEAR GLENMIOGE corated fo perfection, 2 eleva: GOLF COUnEE A bers, 2 bths brick rombier. tors, $350,000 08 End Cirle Hodson of quietcircle. $448,108 kkattsryn Wieton ce Saree oo pomon e8H7 GRAYSTOME FINES cCONDD! Retromart formal dining, top pees 2 cot garage, new Groctt ree? Cet Hobe Teen itage dain Sona LARGE 2-4 BEDROOM HOMES FROM THE MIL) 90°S 5130 SOUTH 2700 WEST 964-1467 + HOMES BY: AMERICAN-ROWS ONE a 45508450South West Jordan ——sr foul | an. z i (9 het For more information call Dave at 280-4640 Marketed by ate |
