Expert: Sue Bernstein - 1/15/2006

Question
Sue,
We are a young couple which is planning to purchase our first home from my father, who bought the house in 1978.  We live in Santa  Cruz County,. My general question is:
We won't be going through a real estate agent, but who should help us during this process?
What can you tell me about tax benefits for my Father, as he will definitly "make" money on the house, as it was first bought for about $80,000. We will be getting is appraised in February to determine the value, etc.
There are many questions, but those would be the first to start out with.
Any advice would be helpful!
Thank you!

Answer
I cannot answer any tax questions as I am not an accountant so I would recommend you submit those questions to an accountant or tax attorney on this site.
If you are not going to have a real estate agent represent you (and that should be the person helping you during the process)the next best thing would be ask the assistance of someone you know who is very experienced in purchasing homes.  You could hire an attorney but that might turn out more expensive than if you hired a real estate agent.  Ultimately, you will get what you pay for.
I hope this helps and good luck.

Sue Bernstein
www.SueBernstein.com