| | House vs. Rent in Some Areas ... My Short Sale ExperienceTopic: Home sellingLet 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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KarimIs 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.
SajawalThe 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.
Melf- Pretty nice post. I just stumbled upon your blog and waetnd to say that I have really enjoyed browsing your blog posts. In any case I??™ll be subscribing to your feed and I hope you write again soon!
EnkheeNot 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.
GloriaThis is usually the prebolm with families that have quite a number of kids and who want to sell their houses. I read in some blogs that sellers usually try to negotiate' with their kids so that they won't ruin the arrangements for their rooms. Either promise them to take them out to eat, or see a movie. They're kids after all. They'll get distracted about anything that has toys' in it. Fight toys with toys, I always say!
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