Home sellers’ needs different

Q: My wife and I are going to put our house up for sale soon. Someone told us about a realty company that lists your home on the Multiple Listing Service, provides signs and paperwork and has a number of services you can purchase.

There's a flat fee, but you can get extras if you want them to show the house, buy a door lock box, etc. You decide how much to pay another company if it finds the buyer (e.g., 3 percent).

Saving on commission would mean a lot to us.

I am also not in a hurry to sell my house.

What is your take on these companies as opposed to those that charge a full commission? - J.P.

A: There's no one right answer about limited services. Every home seller's abilities and needs are different.

I'd be interested in knowing how many people sign for a la carte brokerage services and then eventually move up to pay for full service.

A lot depends on how much time you have for studying the market and researching required disclosures and fair housing regulations, as well as on how comfortable you are discussing finances with strangers and how skilled you are at negotiation.

Understand, by the way, that there is no standard or legal commission rate.

Fees are always negotiable between seller and broker - assuming, of course, that any particular brokerage agrees to negotiate.

That's true even if rates do seem to end up clustering around a particular figure in any locality.

Senior Moment

Q: My accountant says $500,000 is the maximum amount of capital gains that can be tax-free for a couple selling their longtime home.

Your column said it is $1 million. What gives? - J.N.

A: Just an extremely public senior moment!

Of course I know better.

I can't think of where my head was when I typed that. It's the worst mistake I've made in 37 years of writing this column.

I hate to think of how many readers I've misled. Although, come to think of it, maybe I didn't do too much damage.

After all, I can't imagine many home sellers are worrying about taxes on a $500,000-plus profit right now.

What Restrictions?

Q: How would lifting restrictions on my property affect my future taxes? - email

A: Sorry, I don't know what restrictions you're speaking of.

Even if I did, I wouldn't know the answer. Contact your local assessor's office and discuss the matter directly. It's a good question, and you needn't hesitate about asking.

Edith Lank will respond personally to any question sent to www.askedith.com.