Slowing down escrow; tips?

[no_such_reality]

[quote=flu][quote=walterwhite]we rent. no way our deductions exceed the std deduction.

also, many years ago i did ask her to get divorced for tax purposes. she said no. i ran the numbers for her and she was not impressed.

whats the risk? interest rate jumps?

lose the deposit?

everyone elses escrow seems to drag out interminably. i am afraid this one might be quick. why shouldn’t i be able to make it slow? What if I ask for time for a second inspection. maybe i can just flat out ask for an extra 30 days or so?[/quote]

Interesting…I though attorneys and doctors would be able to deduct job related expenses, up the ying yang and being you have kids, I thought you would have dependent care expenses to deduct too.

Hey, I don’t know if you simply can ask for an extension and get it. Well, it doesn’t hurt to ask. But, I guess the question is how badly you want the house?[/quote]

If your income is low enough such that California income tax doesn’t push you to itemize, how are you getting a loan?

If it is a short sale, hit the date or get lost. The bank will pull the plug on you.

If it is a standard sale, ask the sellers, they probably don’t want to start over at step zero.

[scaredyclassic]

Sched c. Business incomes separate from personal expenses medical interest on housing etc

also dependent care expenses are deductible regardless of whether u itemize. It’s a sep worksheet.

[scaredyclassic]

Sched c. Business incomes separate from personal expenses medical interest on housing etc

also dependent care expenses are deductible regardless of whether u itemize. It’s a sep worksheet.

[scaredyclassic]

Sched c. Business incomes separate from personal expenses medical interest on housing etc

also dependent care expenses are deductible regardless of whether u itemize. It’s a sep worksheet.

[scaredyclassic]

Sched c. Business incomes separate from personal expenses medical interest on housing etc

also dependent care expenses are deductible regardless of whether u itemize. It’s a sep worksheet.

[scaredyclassic]

Sched c. Business incomes separate from personal expenses medical interest on housing etc

also dependent care expenses are deductible regardless of whether u itemize. It’s a sep worksheet.

[urbanrealtor]

Public Defender/ Walter/ scaredy:

As an agent, if I had any inkling that a buyer was trying to add an extra 60-70 days to an escrow, I would totally smoke out the buyer.

A notice to perform to remove contingencies followed by a notice to perform to close escrow followed by a re-list on the MLS as active subject to cancellation of current escrow.

In other words, if the listing agent were to give you that much latitude, I would find his conduct questionable.

That being said, the way you want to do it is to claim it as a lending issue and to offer some concession that appeals to them.

Let the deposit go hard, offer additional monies in a way that makes sense.

Good luck.

[urbanrealtor]

Public Defender/ Walter/ scaredy:

As an agent, if I had any inkling that a buyer was trying to add an extra 60-70 days to an escrow, I would totally smoke out the buyer.

A notice to perform to remove contingencies followed by a notice to perform to close escrow followed by a re-list on the MLS as active subject to cancellation of current escrow.

In other words, if the listing agent were to give you that much latitude, I would find his conduct questionable.

That being said, the way you want to do it is to claim it as a lending issue and to offer some concession that appeals to them.

Let the deposit go hard, offer additional monies in a way that makes sense.

Good luck.

[urbanrealtor]

Public Defender/ Walter/ scaredy:

As an agent, if I had any inkling that a buyer was trying to add an extra 60-70 days to an escrow, I would totally smoke out the buyer.

A notice to perform to remove contingencies followed by a notice to perform to close escrow followed by a re-list on the MLS as active subject to cancellation of current escrow.

In other words, if the listing agent were to give you that much latitude, I would find his conduct questionable.

That being said, the way you want to do it is to claim it as a lending issue and to offer some concession that appeals to them.

Let the deposit go hard, offer additional monies in a way that makes sense.

Good luck.

[urbanrealtor]

Public Defender/ Walter/ scaredy:

As an agent, if I had any inkling that a buyer was trying to add an extra 60-70 days to an escrow, I would totally smoke out the buyer.

A notice to perform to remove contingencies followed by a notice to perform to close escrow followed by a re-list on the MLS as active subject to cancellation of current escrow.

In other words, if the listing agent were to give you that much latitude, I would find his conduct questionable.

That being said, the way you want to do it is to claim it as a lending issue and to offer some concession that appeals to them.

Let the deposit go hard, offer additional monies in a way that makes sense.

Good luck.

[urbanrealtor]

Public Defender/ Walter/ scaredy:

As an agent, if I had any inkling that a buyer was trying to add an extra 60-70 days to an escrow, I would totally smoke out the buyer.

A notice to perform to remove contingencies followed by a notice to perform to close escrow followed by a re-list on the MLS as active subject to cancellation of current escrow.

In other words, if the listing agent were to give you that much latitude, I would find his conduct questionable.

That being said, the way you want to do it is to claim it as a lending issue and to offer some concession that appeals to them.

Let the deposit go hard, offer additional monies in a way that makes sense.

Good luck.

[(former)FormerSanDiegan]

Before you do anything, figure out how much you are talking about here.

If you close in November, you will lose out on deducting whatever interest you paid at closing for the month of November, but December’s interest is not due until January 2011.

Most closing costs are not deductible, only points and pro-rata property tax (the property tax you pay at closing is on the portion that the seller already paid, not your rate).

Once you figure out the amount of deductions your benefit from deducting them is maybe 35% of that figure.

My guess is that you are considering jumping through a bunch of hoops to save less than $3000.

Sure, you can save a few grand by postponing until January, but your wife will have to spend another Christmas in the rental.

On the other hand if you put off closing forever, you will save a lot more 🙂

[(former)FormerSanDiegan]

Before you do anything, figure out how much you are talking about here.

If you close in November, you will lose out on deducting whatever interest you paid at closing for the month of November, but December’s interest is not due until January 2011.

Most closing costs are not deductible, only points and pro-rata property tax (the property tax you pay at closing is on the portion that the seller already paid, not your rate).

Once you figure out the amount of deductions your benefit from deducting them is maybe 35% of that figure.

My guess is that you are considering jumping through a bunch of hoops to save less than $3000.

Sure, you can save a few grand by postponing until January, but your wife will have to spend another Christmas in the rental.

On the other hand if you put off closing forever, you will save a lot more 🙂

[(former)FormerSanDiegan]

Before you do anything, figure out how much you are talking about here.

If you close in November, you will lose out on deducting whatever interest you paid at closing for the month of November, but December’s interest is not due until January 2011.

Most closing costs are not deductible, only points and pro-rata property tax (the property tax you pay at closing is on the portion that the seller already paid, not your rate).

Once you figure out the amount of deductions your benefit from deducting them is maybe 35% of that figure.

My guess is that you are considering jumping through a bunch of hoops to save less than $3000.

Sure, you can save a few grand by postponing until January, but your wife will have to spend another Christmas in the rental.

On the other hand if you put off closing forever, you will save a lot more 🙂

[(former)FormerSanDiegan]

Before you do anything, figure out how much you are talking about here.

If you close in November, you will lose out on deducting whatever interest you paid at closing for the month of November, but December’s interest is not due until January 2011.

Most closing costs are not deductible, only points and pro-rata property tax (the property tax you pay at closing is on the portion that the seller already paid, not your rate).

Once you figure out the amount of deductions your benefit from deducting them is maybe 35% of that figure.

My guess is that you are considering jumping through a bunch of hoops to save less than $3000.

Sure, you can save a few grand by postponing until January, but your wife will have to spend another Christmas in the rental.

On the other hand if you put off closing forever, you will save a lot more 🙂

[Author]

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