Advice from smart people

[lonestar2000]

Check out AMTrustDirect. They offer an e-Money Market checking account with an APY of 5.36% and a 12 month CD at 5.41%.

http://www.amtrustdirect.com/pages/default.aspx

It is one of the best money market accounts. Your $200k will net you nearly $11k a year in the e-Money Market fund and you’d stay liquid, withdrawing as you need. More if you’re willing to keep the money locked in the CD.

As the markets tank over the coming years, having $215k sitting in a bank account will be a very beatiful thing to behold.

[jennyo]

We do have a tax accountant advising us, as this is house is just one peice of a larger trust and estate of which my husband is the executor. The Antioch house is not subject to probate because it was included in the trust and bequeathed solely to my husband and no other heirs, but there are other assets being sold/liquidated through the probate process (including 2 other POS rental properties) so having the tax accountant on board has been essential.

While we are pretty clear on the capital gains treatment of real estate that is inherited, as well as the other aspects of estate and inheritance taxes, the issue of how capital losses can be accounted for was not as clear. It makes sense that we would only be able to offset cap gains with cap losses, not offset other types of taxes. I guess no more Turbo Tax for me…

[jennyo]

We do have a tax accountant advising us, as this is house is just one peice of a larger trust and estate of which my husband is the executor. The Antioch house is not subject to probate because it was included in the trust and bequeathed solely to my husband and no other heirs, but there are other assets being sold/liquidated through the probate process (including 2 other POS rental properties) so having the tax accountant on board has been essential.

While we are pretty clear on the capital gains treatment of real estate that is inherited, as well as the other aspects of estate and inheritance taxes, the issue of how capital losses can be accounted for was not as clear. It makes sense that we would only be able to offset cap gains with cap losses, not offset other types of taxes. I guess no more Turbo Tax for me…

[jennyo]

We do have a tax accountant advising us, as this is house is just one peice of a larger trust and estate of which my husband is the executor. The Antioch house is not subject to probate because it was included in the trust and bequeathed solely to my husband and no other heirs, but there are other assets being sold/liquidated through the probate process (including 2 other POS rental properties) so having the tax accountant on board has been essential.

While we are pretty clear on the capital gains treatment of real estate that is inherited, as well as the other aspects of estate and inheritance taxes, the issue of how capital losses can be accounted for was not as clear. It makes sense that we would only be able to offset cap gains with cap losses, not offset other types of taxes. I guess no more Turbo Tax for me…

[jennyo]

Update-we got an offer a week ago for $160,000, with a $15,000 owner carry. Our agent recommended we respond with an equally outrageous counter offer, so we did ($250,000, the asking price, with a $25,000 carry). Of course that “buyer” walked. Yesterday another offer, $200,000 with a 30-day escrow, we pay some of the escrow costs normally paid by the buyer, clear pest sections 1 and 2, and 3 percent cash back at closing. We are countering with $215,000 and agreeing to all the terms the buyer requested (escrow costs, pest, cash back, etc). We know that when the home inspection is done that they will come back with some items so we want a little wiggle room for those things, which we will likely agree to cover (depending on the reasonableness). It seems weird that the buyer is asking for a 30-day escrow (usually that only benefits the seller)so I am hoping it is safe to assume his financing is lined up?? We will see what happens.

[jennyo]

Update-we got an offer a week ago for $160,000, with a $15,000 owner carry. Our agent recommended we respond with an equally outrageous counter offer, so we did ($250,000, the asking price, with a $25,000 carry). Of course that “buyer” walked. Yesterday another offer, $200,000 with a 30-day escrow, we pay some of the escrow costs normally paid by the buyer, clear pest sections 1 and 2, and 3 percent cash back at closing. We are countering with $215,000 and agreeing to all the terms the buyer requested (escrow costs, pest, cash back, etc). We know that when the home inspection is done that they will come back with some items so we want a little wiggle room for those things, which we will likely agree to cover (depending on the reasonableness). It seems weird that the buyer is asking for a 30-day escrow (usually that only benefits the seller)so I am hoping it is safe to assume his financing is lined up?? We will see what happens.

[jennyo]

Update-we got an offer a week ago for $160,000, with a $15,000 owner carry. Our agent recommended we respond with an equally outrageous counter offer, so we did ($250,000, the asking price, with a $25,000 carry). Of course that “buyer” walked. Yesterday another offer, $200,000 with a 30-day escrow, we pay some of the escrow costs normally paid by the buyer, clear pest sections 1 and 2, and 3 percent cash back at closing. We are countering with $215,000 and agreeing to all the terms the buyer requested (escrow costs, pest, cash back, etc). We know that when the home inspection is done that they will come back with some items so we want a little wiggle room for those things, which we will likely agree to cover (depending on the reasonableness). It seems weird that the buyer is asking for a 30-day escrow (usually that only benefits the seller)so I am hoping it is safe to assume his financing is lined up?? We will see what happens.

[HLS]

They may have financing lined up, meaning that they qualify as buyers, but the property will need to qualify as well. Appraisal will need to be reviewed and accepted by a lender.

A borrower qualifying and the property qualifying are different.

You can ask for a pre-approval letter from the buyer with your counter.

Never assume anything.

[HLS]

They may have financing lined up, meaning that they qualify as buyers, but the property will need to qualify as well. Appraisal will need to be reviewed and accepted by a lender.

A borrower qualifying and the property qualifying are different.

You can ask for a pre-approval letter from the buyer with your counter.

Never assume anything.

[HLS]

They may have financing lined up, meaning that they qualify as buyers, but the property will need to qualify as well. Appraisal will need to be reviewed and accepted by a lender.

A borrower qualifying and the property qualifying are different.

You can ask for a pre-approval letter from the buyer with your counter.

Never assume anything.

[bsrsharma]

385K appraisal last year to 215K counter from sellers with concessions added. That too in the Greater Bay area. This may be used as an example whenever anyone denies we are in a fundamental repricing of homes. And we are still in Act I, Scene I of the drama.

[bsrsharma]

385K appraisal last year to 215K counter from sellers with concessions added. That too in the Greater Bay area. This may be used as an example whenever anyone denies we are in a fundamental repricing of homes. And we are still in Act I, Scene I of the drama.

[bsrsharma]

385K appraisal last year to 215K counter from sellers with concessions added. That too in the Greater Bay area. This may be used as an example whenever anyone denies we are in a fundamental repricing of homes. And we are still in Act I, Scene I of the drama.

[jennyo]

bsrsharma, the only caveat to using this as an example is that, as sellers, we are in a much different position than many others selling homes in this market. It is an inherited house, with no mortgage, so we can go pretty low since anything we get out of it is gravy.

[jennyo]

bsrsharma, the only caveat to using this as an example is that, as sellers, we are in a much different position than many others selling homes in this market. It is an inherited house, with no mortgage, so we can go pretty low since anything we get out of it is gravy.

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