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How to Reduce the Risk Of Buyers Backing Out

Question: I was due to close on the sale of my home in Port Richey, Fla., on Oct. 1, but the last of the four hurricanes that came through Florida hit here the day before the closing. My Florida room was totally destroyed and about 40% to 50% of the main roof on the house was ruined. The buyer saw the damage and backed out of the deal. She had made a $2,000 deposit to be held in escrow by an attorney and her title company.
I told the woman the damage would be fixed and paid for by my insurance, but she still refused to complete the sale. I have been waiting to see whether the attorney will release the deposit to me because the buyer has refused to complete the sale. The attorney has sent the buyer notices about the deposit, but the buyer is not responding to her mail and the attorney can't release the money unless the buyer responds. Can this deposit be given to me now? I think the buyer is ignoring the situation so the deposit can't be released.
-- Marie, Port Richey, Fla.

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Question: I have a house that I have owned for 24 years. It's rented out for $450 per month, but I can't keep up with the work involved and want to sell the house. I paid $38,000 and want to sell it for $142,000. Is there a way to reduce the capital-gains tax?

-- Sherry, location not provided

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Most people think a house that has expensive defects will be very obvious to detect, but often the most expensive defects are hidden and take a little more investigating. Here are six signs to look for when inspecting a house... Be first to comment this article
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How to Buy a Home in Virginia

First of all, do you need a real estate agent to help you locate and buy a home in Virginia? Buying a home is usually the biggest financial investment that the average American makes in their lifetime. While it’s possible to “go it alone,” there are many complications involved in a real estate transaction. A licensed real estate agent in Virginia has passed a 60 hour course on ownership, contract, finance, and Virginia law as it applies to real estate transactions. Furthermore, licensed real estate agents in Virginia have also passed a state exam on these same topics, have passed a thorough background check before they are granted a license, and must complete continuing education requirements to maintain their active license status. In order to avoid making costly mistakes when buying a home, most Virginia home buyers enlist the services of a licensed real estate agent or broker to help guide them through this complex transaction.

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Choosing colors and appliances is fun. It's contract details, zoning and soil conditions that take real homework.

When buying a new house from a builder, there's a lot more to consider than dining room colors and granite countertops.

Builders nationwide are on a pace to construct more than 2 million homes this year, up 5.3 percent from 2003, according to the National Home Builders Association.

To be competitive, many builders offer a dizzying array of structural upgrades (bay windows, anyone?) and home design options that include "packages" of appliances, doorknobs and lighting fixtures.

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