Hi Sherry!

Good news! You're eligible to keep ALL OF THE PROFITS! If you live in your home for at least 2 years, you can keep all proceeds from a real estate transaction tax-free up to $250,000.00. Beyond 250K (and congrats if it is), you will be assessed a standardized rate. But otherwise, plan your vacation and buy your new car!

Hi Sherry

Congratulations on purchasing your own home! The Victorian home sounds wonderful, but we felt compelled to answer your question regarding what to look for before you buy.

To begin, you should always, 100% of the time, have an inspection done on the house to ascertain there are no hidden (or not so hidden) issues with the house. In many states you cannot purchase a home without a proof of inspection. A licensed inspector will conduct a thorough inspection of the inside and outside of the house, in addition to the property. This usually takes 2 to 4 hours, depending on the size of the home. You should be there with the inspector during his or her inspection. Do not be afraid to ask questions - its their job to point out anything that could potentially cause problems - and cost money - down the road. Ask them to explain each step of the inspection and what they are doing. After all, this could be your home for many years to come and its in your best interest to know every detail. If you don't understand anything, ask. Or write down your questions and ask them here!

Although buying a house is something to be very excited about, that excitement can quickly turn to frustration and anger if you find yourself with problems that could have been foreseen.

A realtor will be able to help walk you through some of the issues you are asking about, or for starters, you can go to our new Home Buying section. We are launching this section next week - so you are the first to see it! Go to:

Be Jane Home Buying Checklist

Last but not least, a termite inspection is also a must. If its found they have treated for termites in the past (which was the case in one of Be Jane's staff members home), it signals there could be a general problem in the area so they could come back.

Good luck with your home buying experience, and remember you can do this! Just ask lots of questions, get help, and have confidence in your right to know everything about your new home.

Sincerely,
The Janes

Thank you Administrator & smileygal for the information and help. I need all the advice I can get. Let me explain what I have done so far about this house.

First, I went to the county appraisers office and got a copy of the appraisal. The house is appraised for $33,000. The last selling price of the house was $54,000. I talked to the neighbor next door to the house, and he informed me that the lady who had bought the house was transferred (because of her Job) to another town, and the lender foreclosed. That was two years ago. And this to me holds water, because on the appraisal sheet, it does say the owner is Sallie May(sp).

There is a sign in the front yard with an 800 number and advertises easy terms and financing.
I called this number and finally after a week was able to talk to the man who is handling this sale. Now here it get a little 'weird'.
This guy tells me:
1. The selling price is $79,000
2. He has no idea if the house has been appraised.
3. The house has not had an inspection nor a termite inspection "to his knowledge".
4. The easy terms are: your house payments will be $650.00 to $700.00 per month with a $5000.00 to $10,000.00 down.
5. The property taxes will be between $1000.00 and $1500.00

Now, the appraiser's sheet and the guy at the appraisers office have the property tax set for $750.00.
Now, to my way of thinking...doesn't this all seem a bit steep? I get the distinct feeling this guy is a tad unscrupulous.

Is there a way I can get around this guy and perhaps deal directly with Sallie Mae? Do I need to locate a realtor who would represent me?

This house is charming, but it needs work. I have a rough estimate that I would have to invest $5000.00 into the kitchen right off the bat.
Feedback Please...

Sherry-sounds like a good deal-but there are definitely some sleazy business people out there so be careful!

First off, I do think that getting an agent may be the way to go-especially since it may not assess for how much you're paying, and if you're getting a loan which you may be doing-it may be difficult for financing if that's the case. Second in the written contract-you have what are called contingencies-and both appraisal and termite inspection fall under that category. In which case, you could make your purchase contingent on whether it passes inspection and appraisal.

Bottom line-you won't have to pay an agent since you're the buyer-the sellers would need to pay the commission to the realtor. And if you're smelling a bit of a rotten egg now-it's best to get someone experienced looking out for your best interest. Does that make sense?