The house closed two weeks ago for $915k. Included in that number is a $35k credit to the buyer for closing costs and “loan organization”. So the effective selling price was $880k.
With a purchase price of $932k and at least $75k into it (we viewed the home, the backyard had some serious work done), the loss on this place was at least $175k. At least in this case, the seller could absorb it.
As for the buyer, 29 years old with a first and a second TD and an annual tax liability of $15k. The insanity continues.
