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House vs. Rent in Some Areas ... My Short Sale Experience

Topic: Home selling

Let me get this straight... if you fail to pay property tax, then they can take your home? ... even after you have paid the deposit and entire mortgage all these years?...

if so, then it sounds like a bad deal for where we live out Eastern US

out here, average property tax is $8,500 + $1,500 for property insurance on a average 250K house...

rent on a 2 bedroom is $1800.00 per month and includes heating ...

so for a 250K house that is 10K per year or 833.00 per month in property tax + prop ins. and 638.00 in interest = $1471.00 (mlcalc.com)

ohhh... there's heating $3K per year = 250.00 p/m + $1,471 = $1,721 p/m

that is money you will never see again... just like the $1,800.00 p/m for rent...

that does not include the 20% down payment and the rest of the principle...

This all came about after a terrible experience looking at short-sale homes this weekend and listening to one guy tell me how the banks shut him down after he paid and after he became disabled. The other short sale house I saw was trashed to no end after they got evicted. So if you can miss a payment toward the end of your mortgage or miss property tax and banks like BOA and Wells Fargo will simply play hardball with you and kick you out...

it is very sad out there for 65% of homes for sale are short-sales where the house is worth a lot less than the remaining mortgage balance!

01/09/2012
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Catalin
Hi Melissa! Welcome to the wonderful world of real etsate! That's a great question for you to ask your RE Teacher. Also, are you planning on working with a large re company or an independent? My suggestion is start off with a business plan. Notify your sphere of influence .tell your family, friends, neighbors, so they will tell their family, friends, neighbors, etc., send out announcement cards, then follow up with phone calls to your sphere. Word of mouth is the best advertising and it's free. Try to get a listing so you can meet buyers. If you can't get a listing soon, offer to do as many open houses for other agents as you can. Get out there and network. Go after expireds and fsbo's. Have many things going on at a time because wasting time means there's a gap between paychecks. I have quite a few active buyers right now, some I have just recently met and others I have been showing properties to for the past 4 to 5 months and some longer. Anyway, typically, 45 days to closing and then you get paid. Good Luck .any questions, feel free to email!
read more... 03/30/2013

Shorty
That's a crackerjack anewsr to an interesting question
read more... 12/19/2012

Karim
Is this truly estate tax or your iocnme tax bill from cashing out a 401k/IRA that you inherited?If it is and iocnme tax bill, there is really only one way to make it go away: Pay it.
read more... 05/04/2012

Sajawal
The IRS would only be going after you if distribution of the asstes was made without the tax debt being paid by the estate. The executor of the estate shouldn't have given any asstes without a release from the IRS. You may have a case against the executor for breach of fiduciary duty but you'll still have to pay the taxes owed. The IRS does offer Installment Agreements on tax debt for people in situations like yours. Definitely look into a penalty abatement to try to cut that down because in this may not be your fault.
read more... 05/01/2012

Enkhee
Not only can you get a short sale for the listed price, you can get it for less often times. Location makes a difecrenfe, but in most markets, there are record foreclosures, and a glut of unsold houses on the market. Short Sales are adding to that mix.I can guarantee that the Realtor you spoke to represents the bank on the properties she advised you about matter of fact just ask her if she represents the banks on any short sales. She is required to disclose if she is. I would be willing to put money down that she is. Matter of fact, if you would ask tomorrow, add that detail under the add detail option on your question tomorrow I am curious to hear the Realtor's answer. Remember, the Realtors job is to sell houses they only get paid when a property sells. And the more it sells for, the more they get paid. Therefor, I would take their advice with a grain of salt. If you are looking for a great deal, then you need to be willing to make low ball offers and get a few rejections. If you do what you have always done, then you get what you have always gotten.
read more... 05/01/2012

Read all comments: 5

 

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