All Forum Posts by: Kristopher S.

@Russell Brazil we had the option to add penalties to the contract that would cover any taxes incurred by missing the closing deadline. The penalty could have been upwards of 350k though and that wasn't a risk we were willing to shoulder.

@Russell Brazil we were 50k over asking and 200k over the all cash offer that won. We were trying to figure out a way to do a quick loan (30-60 days) against our assets and then refi. That would theoretically work but couldn't find a good solution in time

Thanks Max! The issue here was that the seller would be paying a large capital gain penalty if they didn't close within 30 days. Their attorney strongly advised them to take the all-cash offer over ours as it didn't risk complications with a lender.

We are well qualified buyers who are continually getting beat out by all cash offers on properties in the New York City area. This past week a 1.2m offer on a property was beat out by an all cash offer below asking. We have over 2m in assets (stocks and property) but this is not easily liquidated form a tax perspective. Is there a way to leverage our assets for a short period of time to secure a property and then refi? Thanks in advance for any help.

Thanks everyone! Really helpful information

Hi there, my wife and I live in NYC but are in the process of closing on our first home in Nashville. We love Nashville and plan to live in the home part time and list it as a short term rental when back in NYC. 

While securing financing, one well-respected lender told us we can easily classify this as a second home and qualify for a great rate with 10% down. Another well-respected lender said the CFPB is actively penalizing buyers who rent out second homes and will make an example out of us. Who do we listen to?