spokesmanhomes spokesman homes..
in conjunction with the Spokane Association of REALTORS®
August 5, 2012
OPEN 1-6PM
Great New Valley Neighborhood •AFFORDABLE ELEGANCE •NEW CONSTRUCTION •HOMES STARTING IN THE $160’S •1ST TIME HOME BUYERS – WELCOME
N. Mayhew Rd.
• Location! Location! Close to just about anywhere in Spokane • Gorgeous setting • Complete appliance package on transactions thru August • Granite kitchen islands • Under-counter lighting • Revival lighting package • 2, 3 & 4 car garage plans • 9’ ceilings & more upgraded features all included
E. Wellesley Ave. Evergreen Rd.
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SECTION H INSIDE: RESALES – OPEN HOUSES – RENTALS AND MORE
McDonald Rd.
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N Trent Avenue
Lic #: KEVINMH954N35
5226 N. MAYHEW RD.
Trevor Windhorst 216-2090
Office: 509-599-7978
Todd Spencer 869-5885
Rockwood Rancher
OPEN TODAY 1 1-3 3 ★ 741 E E. 23 23rd d A Avenue Gorgeous mid-century home sited on enchanting tree-lined street. Stunning refinished hardwood floors. State of the art updated kitchen. Parklike yard with workshop & heated art studio/office. 3 BR, 2 BA 2,258 SF. $239,000. View virtual tour at www.nancywynia.com
Nancy Wynia 509.990.2742 nwynia@windermere.com
HAYDEN HOMES INVITES YOU TO A
Grand Opening! FOR CENTRE COURT
HOMES STARTING AT $134,990 August 11th - 12th from 11 am - 6 pm Enter to WIN one of three Summer Fun prizes Model Home - 509.492.3833 2205 S. Morrill Ct, Spokane WA WA CCB # HAYDEHL937BH
Loan approval leverage QUESTION: If I get a pre-approval letter from a lender, doesn’t that tell a seller how much I can really afford and undermine my bargaining position? ANSWER: Maybe, but there are several considerations. First, you want a seller to know that you’re qualified to purchase the property; otherwise the owner has no incentive to accept an offer that may not reach closing. Second, you don’t have to tell the seller the absolute maximum loan amount you can afford, just that you can pay the amount you’re Peter G. Miller prepared to offer. CTW Features Here’s an example: A lender reviews your paperwork and feels you can afford a $250,000 mortgage. That’s great, but you don’t have to borrow that much. Then you find a property that will require a $190,000 mortgage. The lender gives you a letter saying you can afford a $190,000 loan. That’s a statement that is entirely true, and yet does not say you could possibly bid more. QUESTION: I own a property in California and lived there for three years. I then rented the property for a year, and now I plan to sell it. Will I be subject to capital gains? ANSWER: In general, if you sell a personal residence, you can protect as much as $500,000 in capital gains if you’re married, $250,000 if you’re single. A big question here is whether the property is a principal residence or an investment for tax purposes. You may be able to avoid capital gains from the sale of a property. The IRS website indicates that “if you used and owned the property as your principal residence for 2 years of the 5 year period ending on the date of sale, you have met the ownership and use tests for the exclusion,” even if the property was rental property (for a maximum of 3 years) before the date of the sale. As is always the case with taxes, the complete rule is complex. Please see a tax professional for specifics.