It Took Over 5 Years to Sell This Sunnyvale Home But The End Result Was Unbelievable!

This client hired me in 2014 to sell their mother’s home in Sunnyvale.  They wanted to move their ailing mother near to them and use the sale proceeds for her care.  I suggested that they hold off selling and rent the home instead, using the rental proceeds to cover their mom’s expenses.  I recommended this approach because the home had an incredibly low basis which would force them to pay a lot in capital gain taxes to sell.  The rent would cover their mother’s living expenses.  I also suggested that they speak with their accountant…which they did.

After five years of renting the property, their mother passed.  The tenant left.  We listed the home for sale.  We prepared it for the market and sold it for a huge profit.  By not selling in 2014, the heirs saved approximately 300K in capital gains tax and made an additional $1,000,000. in its appreciated sales price.  By renting and then selling, they were able to take care of their mother and put an additional $1,300,000. in their pocket.  I would call that a win-win.

If you have any questions or comments reach out to me at [email protected] or directly at 650 465-0755.  Until next time, Take care!