CHAPTER 4 Frequently Asked Questions b ed Questions by Home Sellers Below are brief answers to frequently asked questions, these questions should be gone into greater detail with your realtor prior to signing a listing agreement. • What is the current market value of my home? Realtors will provide a market analysis of the home to determine the current value of the home in its current condition. What the seller is really asking is how much do you think the house will sell for in its current condition. • How much will we have to pay in Captial Gains taxes? Never rely on a realtor to answer tax questions, get tax advice from tax professionals. What the realtor can provide is an estimated sellers statement which will estimate the sales price and closing costs which you can provide to your tax advisor. Your tax advisor can use this statement along with the cost basis and exclusions to give you a general estimate on possible capital gains. • How much will we have to pay in closing costs? Closing costs will be largely determined by the accepted purchase contract. Who pays what is negotiated between the buyer and seller in the purchase contract. A realtor should be able to give a seller a general estimate of what the seller may pay in closing costs before entering into a purchase contract based on an estimated sales price and who pays
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