FIRPTA Says You Better Find Out , Is the Seller a “Foreign Person”?

Getting ready to close a property tomorrow where the seller is Canadian.. This came up..
 
The Foreign Investment in Real Property Tax Act (FIRPTA) is a federal law that requires a “foreign person” to pay tax on the Real estate gain.  However, the law does not charge the seller with insuring compliance. The law requires the buyer to determine whether or not the seller is a “foreign person” (basically a non-resident alien). If the seller is a “foreign person” as defined by the statute, then the buyer must withhold 10% of the sale proceeds at closing. If the law applies to your purchase, then within 20 days of the sale, you are required to file Form 8288 with the IRS. Along with the form, you submit 10% withholding. It is important to know about FIRPTA, because if you do not withhold the required amount, file the form on time, and submit the withholding, penalties do apply. If the buyer fails to determine that the seller is a foreign person and thus fails to withhold 10% of the proceeds, the buyer is liable for the 10%. WOW! Significant.

(FIRPTA) is becoming bigger and bigger, as foreigners grab all those bargains in the U.S. over the past 3-4 yrs. Now those  buyers “foreign person” (basically a non-resident alien) are starting to sell all those bargains. So Buyers beware if your seller is a “foreign person”.  because the IRS will look at you when they sell, better withhold 10% of the sale price. 

Thinking about buying a Home - Buyer Advisory

Arizona Buyer Advisory

http://www.aaronline.com/category/buyer-advisory/ - This Advisory is supplemental to obtaining professional property
inspections. Professional property inspections are absolutely
essential,  there is no practical substitute for a professional
inspection as a measure to discover and investigate defects or
shortcomings in a property. A Must Read.

Curb Appeal Tips - It's Spring , first inpressions for home buyers can make or break a sale

So Spring has sprung and your thinking about selling your home. Winter has passed and it's time to tidy up that yard with a little curb appeal. An attractive exterior can make or brake a home sale, so lets get rid of all that winter dirt. Dirt and scum be gone, it's time to wash away the grime, winter stains and dirty porches. 

The NAR says 63% of home buyers will drop by a home after viewing a home they like online, and what will they see? the home exterior. The home's exterior, including the front entry, yard, driveway and sidewalk, should serve as a snapshot of what's to come when potential buyers enter your home. 

1st tip - I love using a power washer , not hard to use and reasonable to rent, you may be surprised, someone you know may have one, borrow it,  and it wont cost you a dime.  This will gives the exterior of your home, driveway and walkways  an appearance of new, shiny  and a freshness.  Don't forget to wash those windows , it will add  sparkle to the exterior. If your house numbers aren't east to see or if there dirty and dingy, try washing them, painting them to make them Pop or just replace them..

2nd tip - Trimming those trees.. always makes the yard look great. Remove all those dead branches from your shrubs, this will open the view of your home.  
3rd tip - Try adding flowers and mulch to your flower beds, this will add Pizzazz needed to welcome buyers and make a great 1st lasting impression.

4th tip - Placing decorative colorful pots on your porch, steps, and yard will add an extra pop of Pizzazz to pull the buyer in closer and giving them an excitement to see the interior. This does not have to be pricey. Look for used and reuse those pots you may have.

Your home need to look it's best for potential home buyers. Remember you only have one chance to make that first impression.

Your front door’s make a huge statement, and a soft color scheme for the home's exterior will help soften the hard edges.

Buyers will generally drive by a home before they schedule a showing, curb appeal set’s the mood and attitude if a buyers will want to see your home. 

5th tip - Act like a buyer, walk around your home with a critical eye, take notes. Then hop in your car and drive by your home from both directions, park in front on the street a take a real good look, see what others see. THXLW


If you are looking to sell your home or thinking about buying give me a call or send me an email. 

Linda G. Wieczorek CNE, CSSN,SRES^® REALTOR®,  Arizona Elite Properties/AZPrideProperty.com FLEXMLS® Home Search
Thyme for Delicious Dishes
602-391-8246
Home Ownership Matters

For Rent 5/1/13 This home has pizzazz !! and a POOL

$1,300 per month, 3 bedrooms, 2 full baths, 0 half baths, 1,624 square feet

Linda Wieczorek | AZPrideProperty.com | (602) 391-8246 3326 N 126th Dr, Avondale, AZ Talk about pizzazz this home has it !! Available 05/01/2013 3BR/2BA Single Family House $1,300/month Bedrooms 3 Bathrooms 2 full, 0 partial Sq Footage 1,624 Parking None Pet Policy Cats, Dogs Deposit $1,300 DESCRIPTION Talk about pizzazz this home has it all, three bedrooms, two full baths, upgraded tile, tasteful decorating, luxurious resort-style backyard and it is located close to everything! Nearby you will find the Wigwam Resort, Hop, Skip and a Jump to Estrella Mountain Community College, several golf courses, and all the shopping, dinning and entertainment options you could want. Do not miss out on this one. Ceiling fans in all rooms, surround sound speakers.. Pool & Putting Green . Just in time for those hot summer months. Avondale see additional photos below RENTAL FEATURES - Dining room - Family room - Walk-in closet - Dishwasher - Microwave - Stainless steel appliances - Stove/Oven - Swimming pool - Yard - Air conditioning - Central heat - Cable-ready - High-speed internet - Tile floor LEASE TERMS $1300.00 Monthly rent + tax $1300.00 Security Deposit $200.00 Pet Deposit $200.00 Cleaning Deposit ADDITIONAL PHOTOS front hall Photo 3 Photo 4 Photo 5 Photo 6 Photo 7 Photo 8 Photo 9 Photo 10 Photo 11 Photo 12 Photo 13 Photo 14 Photo 15 Photo 16 Photo 17 Photo 18 Contact info: Linda Wieczorek AZPrideProperty.com (602) 391-8246 Posted: Mar 30, 2013, 9:33am PDT

Sell your Phoenix HOME in a week - few selling tips

Have you been thinking of selling your home? Do you want to sell your home or do you need to sell your house because of divorce, foreclosure, inherited property, or any other reason. 

How about a contract for full list price or more in less than a week? That's what I am talking about. Full PRICE or better.  It's no secret that an overpriced home takes longer to sell, and it might eventually sell for a lot less than market value. In a high demand market, a well priced home could sell within 10 to 21 days.

I have three easy steps to ensure that your house is one of those “HOT” properties that everyone wants: 

FQ Story Historic

1) Have the property in move-in ready condition! Buyers want to buy a house and NOT a project. When a homes is in tip-top shape that sparkle and shine sell much faster than homes that need repairs or are cluttered. Home buyers want to imagine how they will live in that house, and they can't do that if the home looks like it belongs to you or is a mess. CLUTTER OUT!

2) Price. The single most important factor to consider when selling a house is the home price tag.  Pull Comparable Listings and Sales - Look at every similar home that was or is listed in the same neighborhood over the past six months. A smart strategy some agents use to entice multiple offers,  is to price a little lower. In real estate many factors determine price. Location, location, location condition, & schools.  Don’t try to “test the market” by starting high and work you way down. Price your home correctly and at market value and you will do OK.

3) Make your house available to be shown. No one will buy your house if they can’t see it.  You feel like you are intruded on but remember, you are selling your home. It doesn’t make any sense to offer a home for sale that cannot be seen.

Price, Condition and Availability are the three keys to selling a house quickly.

Do it right from the start and you will most likely have multiple offers in less than a week.

4)Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn't stand out from the rest then it's time to get to work.
 

Seems CRAZY BUT  it's seller's markets, it' is no longer a buyers market here in Phoenix  homes are selling faster because there are fewer sellers and more buyers. Those short sales are still here, but thinning out fast. When more than one buyer is trying to buy the same home, that can result in a bidding war with offers above list price. It's not unusual for a home to sell in a seller's market in less than a week.

If you are thinking of Listings! Call 602.391.8246

Benefit of Professional Home Inspection - Should I get an Inspection.

I here this every time from just about every buyer,  my friend is handy, I think I will use him to inspect the home. NOT
One of the most important things  to do when purchasing a home is to have it inspected thoroughly by a professional home inspector.  Not only will your home inspector be able to find any damage such as dry rot, pest infestation, roof problems, possible plumbing  problems  they can also find potential problems with heating systems, electrical, appliances, etc.  Serious problems with homes do not just show up with older homes,newer homes as well.

You never know the condition of the home you are purchasing... This is one thing that you never want to leave to chance.  Home inspectors can also point out areas that might need attention down the road and give you helpful information on how to maintain your home and service systems.

Once you have ordered the inspection, meet with the inspector at the home, about an hr before he finishes the inspection, I say an hr, before the inspection is finished, you want him to do his job, we don't want to get in the way. Your inspector can actually show you problem areas and talk with you about how to do routine maintenance.
Once the home inspector has completed the inspection, they will generate a written report.  It is also advisable to sit down with your home inspector and go over the inspection report.  Investing some time and money with a whole house inspection is one of the best investments you can  make when purchasing a home.

If you are considering selling your  home, one of the best investments you can make as a seller is to have your home inspected before you place it on the market.  By having your home inspected ahead of time you can address any major repair issues prior to going on the market. This alone will save you time and greatly lessen your stress in selling.  It will take away the pain of negotiating repairs with a buyer part way through your sales transaction.  I find that per-inspected homes sell faster and for more money than those that have not been inspected.

If you would like to connect with a professional home inspector in Phoenix  market area, please contact me.  Linda Wieczorek 602.391.8246  I would be happy to furnish you with a list of home inspectors that we have found to do a great job.

Willo Historic District - own a home in one of the largest historic districts in Phoenix!own a home in one of the largest historic districts in Phoenix!

As you venture through the Willo Historic District you’ll find examples of many home styles including:
* Monterey Style
* Greek Revival
* Pueblo Revival
* French Provincial
* Spanish Mission Revival
* Tudor Revival
* American Colonial Revival
* Georgian Revival
* Bungalow/Craftsman
* Ranch       

                    

Active Willo Listings Take a Look!  
           

Here is your chance to own a home in one of the largest historic districts in Phoenix! Property is centrally located in Phoenix with easy access to the light rail, freeways, and Sky Harbor airport. Close to all arts, culture & music festivals throughout the year, as well as sporting events.