Dear George: "My brothers and I inherited a house in May, 1995. We sold it a few weeks ago. The sale proceeds are in a trust for distribution. Before I can distribute the money, I need to estimate the Capital Gains Tax for 2001. How can get the Fair Market Value of the house in 1995? -- Taxed

Dear Taxed: One method is to hire a state certified, independent fee appraiser. Tell the appraiser why you want the appraisal. Another method would be the "do-it-yourself" approach. There are property "appraisal" sites on the Internet. They use "valuation models." Some of these provide market value estimates as of a previous date. However, I believe you and your brothers will be better served using the state certified fee appraiser.

Dear George: "I am a buyer in Houston, Texas. A real estate broker represents me. The option period in our purchase contract expired on June 12th. Houston was still reeling from the horrendous flooding that occurred June 8th through 10th. On June 9th we had the inspections. On June 11th we submitted our repair requests along with a request to extend the option period to Friday, June 15th. The basis for the extension was to obtain some bids from contractors. The listing agent did not get the extension request signed. He did notify us, however, that the option period had expired. Am I now stuck with the original terms of the contract? Does my submitting a request for an extension not influence or cast any vague period of uncertainty? -- Soaked

Dear Soaked: As a real estate broker I've learned that to amend a real property purchase agreement in Texas, the changes must be reduced to writing. All parties to the contract must also sign that document. Had your agent also submitted the Notice of Termination of Contract form along with the Amendment form, your situation would be different. The Amendment would require the seller to make the stated repairs. It should also waive the buyer's termination rights once the seller signs it.

However, one question you must answer as a buyer is this: Are the repairs that showed up in the inspection report significant enough to terminate the deal?" Buyers "want" to buy at the best price and terms. Sellers "want" to sell at the best price and terms. You and the seller signed an agreement. It indicates you have had a meeting of the minds accomplishing both of your opposing objectives, subject to the option period. The option period expired. Now you feel "stuck" with the original terms of your signed agreement. Are the repairs you want the seller to make so substantial that you don't want the property unless they are made?

For details and specific advice, please consult with an attorney or legal clinic.

Dear George: "I'm a real estate broker in Denver. I'm compelled to comment about sellers who complain about paying a 'full commission' for only 'half a month's work. When I get asked the same question I answer, "Paying full commission is better than not paying any because your property didn't sell." -- Denver

Dear Denver: Thanks for sharing that thought.

Dear George: "We entered into a contract subject to an appraisal. The appraisal is from a relocation firm. It came in lower than the contract sales price. We offered an amendment lowering the sales price to the appraisal. The sellers refused to accept the amendment. What's next? -- Frustrated

Dear Frustrated: You cannot force a property owner to accept a price that does not meet the owner's expectation. Unless you are willing to give up the relocation firm's benefits package, I suggest you find another home.

Dear George: "Is there a source for obtaining free information on new construction in California. I am aware of the Dodge reports. They are too expensive. -- California

Dear California: Try the site for the National Association of Home Builders if you want information in specific cities. A search of "New Home Listings" in Los Angeles returned 679 homes in 131 communities.

A statewide search for new construction is more complex. A "New Construction Reports" search on www.yahoo.com returned 13 matches. Another search on Yahoo under "New Construction" returned 321 matches.

Dear George: "I purchased a home last year. The disclosure stated there was no water in the basement. I hired a professional inspection team. They reported evidence of prior water damage in the basement. I asked the sellers about it. The sellers said that they installed a drain system within a retaining wall. After that they had no water in the basement.

Of course, as the result of spring and summer rains, I do have water in my basement. I'm going to get estimates regarding what it will cost to have a dry basement. I hope to have the sellers' agreement to pay for the dry basement represented in their disclosure statement. Do the disclosures provide enough supporting evidence to go back to the sellers in this manner? -- Soggy Basement

Dear Soggy: If your purchase agreement provided mediation or arbitration that survives closing, that is your first "option." If not, hire an attorney. If you don't want to hire an attorney, obtain bids from several contractors to make the required repairs. Do communicate with the sellers. Let them know you have basement problems. Offer to provide bid copies to them. If the sellers refuse to pay, hire an attorney. If the sellers agree to pay, hire an attorney. The "tricky" part if they agree to pay is to obtain an enforceable, post-closing written agreement holding the sellers responsible.

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George Stephens welcomes your questions by e-mail. Because of the volume of mail received, questions cannot be answered individually. Mr. Stephens is not a lawyer and this column does not contain legal advice. If you wish to obtain legal advice, please consult with an attorney or legal clinic.