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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lee who wrote (1844)	2/22/2002 2:10:43 PM
From: Tradelite	Read Replies (1) \| Respond to of 306849

Maybe they want to sell fast because they know the money will be tied up and untouchable for a year or more before they'll have it to spend. Have handled many estate-sale properties. The heirs get a jolt when they find out estate proceeds are held back until enough time has passed for all debts of the deceased to come to light and get paid off.

To: Steve Lee who wrote (1844)	2/23/2002 8:29:57 AM
From: Road Walker	Read Replies (2) \| Respond to 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