Do a Walk-Through
Schedule an appointment to walk through the home one last time just before your closing.
- Make sure repairs you requested have been made.
- Look for major changes since you last viewed the property.
- See if the sellers left everything they promised to leave.
- Check to see that the sellers took all their personal belongings.
- Test electronics and appliances to ensure they’re still working.
- Turn on the HVAC and hot water. Are they functioning right?
- Walk the yard to be sure no plants or shrubs have been removed.
7. Resolve Issues Identified in Your Walk-Through
If your walk-through uncovers problems:
Real Estate Broker’s Refund to Homebuyer Not Taxable
A real estate broker representing a home BUYER typically receives part of the sales commissions for his/her services of bring in a ready, willing, and able buyer. The agreement between this broker and the home buyer provides for the broker to refund part of these commissions to the home buyer. Alternatively the broker’s agency permits the buyer to apply the “refund” as a credit towards closing costs, the down payment, and/or a reduction in purchase price. There are two questions in this letter ruling request.
First is the question of whether the refund or credit to the buyer is considered to be income to the buyer. IRS answer is “no.” Section 61 requires all income to be taxable except……
Are you ready to buy?
Owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards.
How much can you afford?
It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.