9 minute read
Reasons To Use A REALTOR to Sell Your Home
APRIL 2021 MARKET NEWSLETTER
EASTERN PLUMAS & SIERRA COUNTIES
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Beckwourth, Chilcoot, Clio, Graeagle-Blairsden, Loyalton, Portola & Golf Course Communities of Whitehawk, Grizzly Ranch & Nakoma
REASONS TO USE A REALTORÒ WHEN SELLING YOUR HOME
Getting the RealtorÒ guarantee All real estate licensees are not the same. Only real estate agents who are members of the National Association of Realtors are called RealtorsÒ. They proudly display the RealtorÒ logo on their business card, website, and marketing. RealtorsÒ subscribe to a strict Realtor Code of Ethics and have access to advanced educational opportunities and training in both residential and commercial real estate specialties. RealtorsÒ are committed to treating all parties to a transaction honestly.
Setting the price
The selling process generally begins with a determination of a reasonable asking price. Your real estate agent or RealtorÒ can give you up-to-date information on what is happening in your local marketplace, as well as the price, financing, terms and condition of competing properties. These are key factors in marketing your home and selling it at the best price. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property.
Marketing your property
The next step is a marketing plan. Marketing exposes your property to the public as well as to other real estate agents through a Multiple Listing Service, other cooperative marketing networks, open houses for agents, and so on. In many markets, a substantial portion of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. The Realtor Code of Ethics requires RealtorsÒ to use these cooperative relationships when they benefit clients. An agent will also know when, where and how to advertise—which medium, format and frequency will work best for your home and your market. Though advertising can be valuable, the notion that advertising sells real estate is a misconception. National Association of Realtors studies show that 82 percent of real estate sales are the result of agent contacts from previous clients, referrals, friends, family and personal contacts.
Providing security
When a property is marketed with an agent's help, you do not have to allow strangers into your home. Agents will generally prescreen and accompany qualified prospects through your property.
Negotiating your real estate deal
Your agent can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing—a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
Monitoring, renegotiating and closing
Between the initial sales agreement and the closing (or settlement), questions may arise. For example, there are unexpected repairs that require the buyer to obtain financing, or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and move the transaction to closing.
Getting expert assistance
Finally, consider the scale of your transaction. Selling your home is one of the biggest financial decisions you'll make. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to solve it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the relatively small cost of hiring a RealtorÒ and the large potential risk of not hiring one, it's smart to find a professional to sell your home.
APRIL 2021 MARKET NEWSLETTER
EASTERN PLUMAS & SIERRA COUNTIES
Beckwourth, Chilcoot, Clio, Graeagle-Blairsden, Loyalton, Portola & Golf Course Communities of Whitehawk, Grizzly Ranch & Nakoma
APRIL 2021 MARKET NEWSLETTER
EASTERN PLUMAS & SIERRA COUNTIES
Beckwourth, Chilcoot, Clio, Graeagle-Blairsden, Loyalton, Portola & Golf Course Communities of Whitehawk, Grizzly Ranch & Nakoma
APRIL 2021 MARKET NEWSLETTER
EASTERN PLUMAS & SIERRA COUNTIES
Beckwourth, Chilcoot, Clio, Graeagle-Blairsden, Loyalton, Portola & Golf Course Communities of Whitehawk, Grizzly Ranch & Nakoma
While you’re busy gathering your paperwork for tax season, cybercriminals are devising schemes to steal your identity and money. Know how to protect yourself and your loved ones.
Protecting Your Identity and Money During Tax Season
It’s tax season in the U.S. You’re likely focused on gathering all the necessary paperwork and submitting your return on time.
Meanwhile, in the criminal world, fraudsters are busy executing schemes in an attempt to steal your identity and money. In fact, the Internal Revenue Service identified $2.3 billion in tax fraud in 2020.1 To help alleviate some stress this tax season, we’ve compiled this guide to help you protect yourself, recognize possible fraud warning signs and take action if you become a victim.
Take Preventive Measures
Use a PIN: The IRS now offers an identity protection PIN for all taxpayers who successfully verify their identity with the agency. The PIN helps prevent fraudsters from filing a return with your Social Security number (SSN) because it enables the IRS to confirm your identity when you file electronically or by mail. Only you and the IRS will have access to your PIN. File early: The IRS only accepts a single return for each SSN. In addition to obtaining an identity protection PIN, submitting your return early can help further limit the possibility that a criminal may use your SSN later to file a false return. Use secure filing websites: Only trust tax-filing portals with “https:” before the URL. This indicates that data transmitted between you and the site is encrypted. Take advantage of multifactor authentication (MFA): When filing your taxes online, you should only use a tax service provider that, in addition to requiring a username and password, allows you to use another factor, like a one-time security code, to access your account. Create strong passwords: For any portal that can access your sensitive tax information, make sure that you choose a lengthy, complex password that’s different from any others you use. Concerned about remembering so many passwords? A password manager can help you create and safely store your passwords.
APRIL 2021 MARKET NEWSLETTER
EASTERN PLUMAS & SIERRA COUNTIES
Beckwourth, Chilcoot, Clio, Graeagle-Blairsden, Loyalton, Portola & Golf Course Communities of Whitehawk, Grizzly Ranch & Nakoma
Stop Scammers in Their Tracks
Beware of phony emails: Fraudsters create “phishing” emails that appear to be legitimate, but are simply a guise to get you to share personal or financial information. These emails may purport to be from the IRS and threaten you with legal or financial consequences if you fail to comply. Do not respond to such emails, click on any links or open any attachments. Instead, report them to the IRS at phishing@irs.gov. Verify payment instructions: If you owe money to the IRS, take the time to confirm the payment instructions directly with the agency through a verified phone number on the official IRS website, or a trusted individual such as your Financial Advisor. This is especially important when sending wire transfers. Help the elderly: Cybercriminals often target senior citizens with tax fraud scams. Many of the scams involve fraudsters calling elderly victims to try to scare or intimidate them into acting on the spot. Make sure your senior family members are aware of such scams, and remind them that it’s always acceptable to hang up the phone, check in with a trusted partner and then call back using a verified number.
How the IRS Contacts You
If you are trying to figure out whether outreach is real or fake, remember that the IRS will never initiate contact with you by phone, email, text or social media. Additionally, the IRS won’t call, email or text you with threats of lawsuits or arrests, or to request your taxpayer PIN. However, the IRS will contact you by mail. You can help verify the validity of the correspondence by checking if the letter arrives in a government envelope with the IRS seal, contains a notice number at the top right corner of the letter and provides the correct contact information for the IRS.
Recognize Tax Fraud Warning Signs
Cybercriminals are clever and relentless. Even if you follow these protective measures, you might still become a victim. To combat tax fraud, the IRS launched its Identify Theft Central portal, which contains helpful information for taxpayers. The IRS advises you to be suspicious about possible tax fraud if you: • Receive a letter from the IRS about a tax return you didn’t file; • Can’t electronically file your return because of a duplicate SSN; • Get a tax transcript in the mail that you didn’t request; • Receive an IRS notice about an online account being created in your name, or stating that your account has been accessed or disabled, when you didn’t take these actions; • Get an IRS notice declaring you owe more taxes, or that you’re the target of collection action, when you didn’t file a return for that year; • Receive an IRS notice reporting that you received wages or other income from an employer you didn’t work for.
Take Action
If you suspect that you’re a victim of tax-related identity theft, or know that your SSN has been compromised, the IRS suggests you should: • Contact them immediately by calling the number on the IRS notice. Or, if you didn’t receive a notice, call the IRS Identity Protection Specialized Unit (IPSU) at 1-800-908-4490; • Complete IRS Form 14039 (Identity Theft Affidavit) if your electronic return is rejected because of a duplicate filing under your SSN
• Keep in mind: Cybercriminals may also target your state income return. If you notice an issue with your federal return, be sure to contact your state tax department, too.
Article compliments of Morgan Stanley Wealth Management
