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  If 
youve decided to sell your Reno Nevada Real Estate, chances are youre 
caught up in a host of emotions. You may be looking forward to moving up to a 
new dream house or facing the uncertainty of a major move across country. You 
may be reluctant to leave your memories behind or eager to start new adventures. 
  Whatever turbulent feelings youre experiencing right now, there 
are plenty of practical matters that need your attention. Keep in mind the following 
considerations to help the whole process go more smoothly. 
  
I'm available nights and weekends to answer any questions you may have. Give me 
a call, send an email, or drop me text if you need any help!   
 
 Call 
or Text 775-219-6413 or renokelly@renokelly.com  |  
  
  Its 
a good idea to place your Reno Nevada Real Estate on the market as far in advance 
as possible of purchasing a new one. If you find a new home first and then try 
to sell your present home, you may wind up with two mortgages. If this does happen, 
ask your real estate agent or banker about a bridge loan to help you make the 
double payments. Lenders use the same criteria for offering bridge loans as they 
use for mortgages. Should you qualify for a bridge loan, beware of the expense; 
during the term of the loan you must continue to pay both mortgages. Shop around 
for the best terms.    Keep in mind that when people move, sell and buy, 
there usually is a domino effect. Closing and moving dates have to be coordinated, 
and the more firmly everyone commits to a window of dates and sticks to them, 
the better for all involved. Put all agreements about dates in writing, and protect 
yourself by negotiating financial penalties for failure to comply.    Check 
Your Curb Appeal  A home thats visually appealing and in good condition 
will attract potential buyers driving down the street. Use this checklist to view 
your property through an outsiders eyes.    
Are the lawn and shrubs well maintained?   Are there cracks in the foundation 
or walkways?   Does the driveway need resurfacing?   Are the gutters, chimney 
and walls in good condition?   Do the window casings, shutters, siding or doors 
need painting?   Are garbage and debris stored out of sight?   Is the garage 
door closed?     On the Inside  Strong curb appeal will lure potential 
buyers inside, where you have to live up to their expectations. Fortunately, there 
are plenty of easy improvements you can make to your homes interior without 
spending a lot of money. Cleaning is No. 1. Your windows, floors and bathroom 
tiles should sparkle. Make sure you have clean heating and air conditioning filters. 
Shampoo dirty carpets, clean tubs and showers, repair dripping faucets and oil 
squeaky doors. Keep your home neat, clean and picked-up at all times. It may not 
seem fair, but a peek in the oven may be the hallmark by which a buyer judges 
how well you have kept up your home.     Remove unnecessary clutter from 
the garage, basement, attic, closets and straighten stored items. Also remove 
any items that might make a statement that would be offensive to others who may 
not share your same views, beliefs or sense of humor. If your home is crowded 
with too much furniture, consider putting some things into storage. If a room 
needs a fresh coat of paint, use a neutral off-white. Think, too, about how your 
home smells. You may be used to the smell of a pet or cigarettes, but such odors 
can be a strong turn-off to others. Be certain to remove valuables such as jewelry 
and other items from view. It might be wise to put these items in a safe deposit 
box before showing your home.    Finally, set a mood for the buyer. Make 
your house homey with live flowers and fresh guest towels in the bathroom. Place 
scented potpourri around the house or, on the day youre expecting a potential 
buyer, pop a batch of frozen cinnamon rolls into the oven for a welcoming aroma. 
Remember, cosmetic changes do not have to be expensive. In fact, costly home improvements 
do not necessarily offer a good return on your investment when you sell.    
Its attention to the basicsanything that says this home has 
been carefully maintainedthat will help you get the price you want. 
  
   IRS offers Tax-Free Capital Gain from a Home Sale 
 In 2003, the IRS issued new liberalized rules 
interpreting the law that allows tax-free capital gain on the sale of a principal 
residence, and a federal court issued the first ruling interpreting Internal Revenue 
Code 121.  IRC 121, enacted by Congress in 
1997, offers up to a $250,000 principal-residence tax exemption for an individual 
and up to $500,000 for a married couple filing jointly. 
 To qualify, the sellers must have owned and 
occupied their principal residence an "aggregate" two of the five years 
before the sale. Occupancy need not be continuous, nor must the residence be the 
seller's principal residence at the time of sale.  For 
example, if the seller owned and occupied the home for two years, and then rented 
it to tenants up to three years, the sale qualifies. The exemption can be used 
repeatedly, but not more than once every 24 months.  The 
method of holding title is not important. For a married couple to claim up to 
$500,000 tax free, only one spouse's name need be on the principal residence title, 
providing both meet the occupancy test. Or, if title is held in a living trust, 
new IRS regulations clarify that the full tax exemption is still available.  Gone 
are the pre-1997 principal-residence tax rules involving the need to buy a replacement 
home and the once-in-a-lifetime "over 55" age restrictions.   |   
   
   
 
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