My recent home purchase Thank you for saving me from all the mistakes I would have surely made without your knowledge and your advice. Dean Read Quote >
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There's More to Selling Your Home than a "For Sale" Sign In Your Front Yard: Beware.  Even if a simple sign in your yard did produce a buyer knocking on your door, how will you handle the following questions: "How does your home compare to others like it in Charlottesville?" "How did you determine the fair market value of this property?" "What about financing? Can you help?" "If I make an offer, who will draw up the paperwork?" "Why aren't you using a real estate agent? Is there something wrong with the property?" "Since you aren't using a real estate agent, we can take their fee right off the top, right?" Selling your home is one of the most important financial transactions you will make in your life. Don't take risks. Selling your home is nothing like selling a car. Every home is different, and every homebuyer wants to offer you as little as possible. How do you determine the real market value? Almost all homes are sold using a real estate agent. As a top real estate professional, it is my job to help you negotiate with all those buyers who want something for nothing. Not to mention preparing your home for sale, marketing it locally in Charlottesville and even nationally, and guiding you through the complex paperwork and pitfalls of escrow and closing. Make sure you are really ready to handle all of that before pounding that sign into your front yard. Errors can be extremely costly. Remember: Buyers want to offer you as close to nothing as possible! While that "For Sale By Owner" sign might sound like a good idea, it usually means a different thing to buyers: "Try to steal this one." If you must sell your own home, at least let me give you a sense of its true market value. Tell me a bit about your home, and I'll do a quick Comparative Market Analysis and let you know what I feel it is worth. I'll also describe, as an experienced, top Charlottesville real estate agent, how I would market your property. This is free, with no strings attached.  Don't price your home by yourself! It's my job to analyze the Charlottesville market and determine the true value of your property. It's FREE and without obligation... 
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First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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| Q |
Originally incorporated under the name Georgiana, what is the oldest incorporated city in the United States?
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York, Maine, which received an English charter in March 1642, is the oldest incorporated city in the U.S. |
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My recent home purchase Thank you for saving me from all the mistakes I would have surely made without your knowledge and your advice. Dean Read Quote >
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Len Mailloux Better Homes and Gardens Real Estate III 500 Faulconer Dr. Charlottesville, VA. 22903 Office : 434-984-7404 Cell: 434-981-1972 Fax: 434-984-7489 Email: lenmailloux@NUMBER1EXPERT.com
Len Mailloux is one of America's NUMBER1EXPERTS� He has been named by Unique Homes magazine as one of the top real estate professionals in the country. Len's reputation for matching people with properties, exceptional marketing and advertising strategies, knowledge of the market and love of the area are qualities upon which his clients rely. Just call or contact him by e-mail today! 
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