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Would you guys take the money and run?
Posted on 8/1/12 at 6:06 pm
Posted on 8/1/12 at 6:06 pm
I got unbelievably lucky. Decided to buy a repo house. Negotiated with the bank and finally got the financing. At the closing the selling agent says to me I have a backup offer on this house for 16% above what I was purchasing the house for. I said no thats not enough. So today he comes back with an offer for 26% above what I purchased the house for yesterday. Wife really likes the house but I like money. So should I take the money?
8
Posted on 8/1/12 at 6:24 pm to Eon Blue
If two agents are involved, you could end up paying 6% of the selling price + closing.
Posted on 8/1/12 at 6:24 pm to Eon Blue
quote:
should I take the money?
Where will you live if you don't buy the house? That is way more important than the ROI. Happy wife is also way more important.
Posted on 8/1/12 at 6:29 pm to Eon Blue
Percentages? Lets talk numbers....
26% on a 50k house or 26% on a million dollar property.
26% on a 50k house or 26% on a million dollar property.
Posted on 8/1/12 at 6:33 pm to Eon Blue
I would most likely take the money and run. I would have to know the value of the house to know for sure.
Posted on 8/1/12 at 6:33 pm to Eon Blue
quote:Once you figure out how much she likes the new house, you'll have you're answer.
Wife really likes the house
Posted on 8/1/12 at 6:57 pm to Eon Blue
How long have you there? The minimum to avoid cap gains is two years. I'm sure there are exceptions/ ways around it though. 
Posted on 8/1/12 at 9:44 pm to Eon Blue
So before tax and fees you are looking at $67k in profit? How is that housing market in that area?
Posted on 8/2/12 at 8:43 am to Eon Blue
How often do you have the opportunity to make $60k with so little effort? I would sell....that's a nice profit for no work. You buy it and live there, if and when you sell it, you'll never net out on the positive.
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