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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Steve Lee who wrote (1844)2/23/2002 8:29:57 AM
From: Road WalkerRead Replies (2) of 306849
 
Steve,

re: Almost every time one of my lowball offers has been accepted, it has been from someone who just inherited the property.

One handy thing to know about inherited property. The property is assessed at or close to the time of the death. If the heirs sell the property at an amount less than the assessed value, the difference can be used as a tax credit against ordinary income taxes, with any excess rolled over into future years, in increments. It's an effective 100% subsidy for selling the house below it's value. At least that was the law about 10-12 years ago, I assume it's still the same.

From a negotiating standpoint, it's a pretty strong benefit to the seller to take the money and run, rather than have the estate supporting an empty house, burning cash, waiting for a higher offer.

This was from personal experience, you might want to check current tax law.

John
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