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Old 08-24-2019, 12:21 AM
 
11,416 posts, read 11,426,382 times
Reputation: 3578

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Quote:
Originally Posted by jackmichigan View Post
Some friend. If you were my friend I'd lower the commission or not charge any at all. Regardless, do what is best for you. You should try to delay any sale as much as possible. Your friend will still get paid. Have you checked into home equity loans or lines of credit? (Sorry, I forget what all you have said about this in other threads.)

Yes, I've already talked to the escrow co. about doing a 45-day escrow. Loans are dicey. There's no mortgage on the property so if circumstances go south and I can't pay back the loan the bank takes the property for a 200K debt.
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Old 08-24-2019, 12:24 AM
 
6,873 posts, read 8,226,515 times
Reputation: 12006
Quote:
Originally Posted by thrillobyte View Post
Yes, I've already talked to the escrow co. about doing a 45-day escrow. Loans are dicey. There's no mortgage on the property so if circumstances go south and I can't pay back the loan the bank takes the property for a 200K debt.
No, if you get into trouble paying back the loan you simply sell the house.
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Old 08-25-2019, 12:23 PM
 
69 posts, read 22,424 times
Reputation: 33
Hard money lenders do these types of deals all the time. The interest rate is quite a bit higher and there are loan fees but the cost savings from not paying the tax far outweigh the costs.
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Old 08-26-2019, 12:51 AM
 
9,052 posts, read 8,256,104 times
Reputation: 19678
The rules have not changed.

You listed the property and the sale was made before her death----Capital Gains Taxes due.

If you waited till after her death to list and sell, you would have inherited the property at current value, and there would have been no taxes due.

That has been true for a long tme.

You are the one to blame, for listing and selling prior to her death, and having to pay a lot of taxes. Quit complaining and pay the taxes.
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Old 08-26-2019, 02:21 AM
 
6,873 posts, read 8,226,515 times
Reputation: 12006
Quote:
Originally Posted by oldtrader View Post
The rules have not changed.

You listed the property and the sale was made before her death----Capital Gains Taxes due.

If you waited till after her death to list and sell, you would have inherited the property at current value, and there would have been no taxes due.

That has been true for a long tme.

You are the one to blame, for listing and selling prior to her death, and having to pay a lot of taxes. Quit complaining and pay the taxes.
The house hasn't sold. He has only signed a listing agreement and the house hasn't even been put on the market yet, awaiting renovations.
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