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Got one of the rare transaction in the world going. Now it is not going to be fully factual and I am going to augment in places as I have to protect myself and client.
So no you can't run it down from the data...
Really substantially superlative house in an somewhat exclusive area. No lock box. Appointment only.
Client is cash and unusually flexible. Moving from another local house that they will sell after they move.
Client loves house. Owner offers certain external art if they buy.
Offer $375K versus $400K list. Cash, 60 day escrow. Throw in discussed piece of external art.
Verbal counter. Full list. Close in 60 days...rent back until the end of February. No art piece.
Verbal counter. Close January 2. Rent back until February 28.
Brother, Chicago Realtor, says no way don't sell after January 1. 3.8% tax on all such sales.
Owner, Owner "friend", daughter, brother. and others.
Luck into a deal with probably the only imaginable client who could buy the place and I think we are going to end up walking.
It is a most interesting profession some days.
The client is a smart spitfire in an off color way.
Might educating the seller and seller's agent re the 3.8% tax be helpful?
Tax is only on the GAIN of the sale of the property, after the exclusion of $250K or $500 if married (if primary residence) and then only if Adjusted Gross Income exceeds $200K ($250K joint filers).
Might educating the seller and seller's agent re the 3.8% tax be helpful?
Tax is only on the GAIN of the sale of the property, after the exclusion of $250K or $500 if married (if primary residence) and then only if Adjusted Gross Income exceeds $200K ($250K joint filers).
Maybe your buyer won't have to walk after all?
You really think you can educate a seller or a real estate agent brother who really knows this stuff?
How do you do that?
Only way I know would be to have someone in Chicago break his knee caps.
You really think you can educate a seller or a real estate agent brother who really knows this stuff?
How do you do that?
Only way I know would be to have someone in Chicago break his knee caps.
LOL don't know enough about the specifics. If this is a primary residence and the property is owned by a couple who file jointly, there would be no gain (if the numbers you state are real), therefore no medicare tax (the 3.8%).
There's a lot of misinformation out there regarding this upcoming tax, even among long time agents who "really know their stuff". It's amazing how many people, including agents, haven't read the details and therefore "don't get it".
LOL don't know enough about the specifics. If this is a primary residence and the property is owned by a couple who file jointly, there would be no gain (if the numbers you state are real), therefore no medicare tax (the 3.8%).
There's a lot of misinformation out there regarding this upcoming tax, even among long time agents who "really know their stuff". It's amazing how many people, including agents, haven't read the details and therefore "don't get it".
Just trying to be helpful - take it or leave it
We are well aware of how the 3.8% works. As is the selling agent. However that does not trump the knowledge of Chicago brother.
If this one would yield to normal rational discussion I would not have written it up...
It is all but impossible to put a deal back together after some "trusted family advisor" puts the kibosh on things -- I don't care if it is brother, father-in-law, maid of honor, Uncle Hubert who is rich, or the guys at the barbershop ...
I can almost see some of these things making sense -- your brother will ride your hide into the ground for the rest of your life if things go wrong, even if you get a divorce your FIL will probably still be around for the grandkids, maid of honor is one of those girlfriends that always seems to be a shoulder to cry on, Uncle Hubert might write you out of the will, once in a while I have thought about giving a buyer who got cold feet after talking to geniuses that only practice tonsorial arts because it fills up their time between meetings with E.F. Hutton a coupon to Great Clips but I don't think that would get the message across
Quote:
Originally Posted by lvoc
We are well aware of how the 3.8% works. As is the selling agent. However that does not trump the knowledge of Chicago brother.
If this one would yield to normal rational discussion I would not have written it up...
I don't think it was really offered. Seller just talked too much.
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I think we all know how it goes...
