All Forum Posts by: Susan McBride

Then the question is if you want to deal with a long-distance rental property (I'm assuming the GA place is north of Atlanta, which is at least 5 hours from Fairhope). Sounds like it could generate some good monthly income, but it could also be a hassle being that far away and only 1 property.

Yes, but we have friends in Fairhope that manage rental properties so we aren't as concerned about that.

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Yes, preferably in mountains.

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Quote from @Nathan Gesner:

Quote from @Susan McBride:

What are you trying to achieve? A home on water?

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Quote from @Jaycee Greene:

Hi @Susan McBride! Are you looking to live in the GA home full time or just use it as a vacation home?

Full time. Prefer mountains.

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My boyfriend is a 100% disabled veteran who receives $6,500 per mo in benefits. We live in Alabama and he pays no property tax on his home here as a disabled vet. He owns his home here outright (value $350k). He has another $50k in assets and $325k in investments and no debt. We have found a lot on water in Georgia that we could probably get for $250k. The have a property tax break for veterans but it is not 100%. There is a cinder block structure on it now that is basically a 1BR, 1BA shell with plumbing fixtures, but no kitchen. We may be able to make it liveable for about $80-100k. So, he could sell his home and put 100% it into the new home. Or, he could rent his home and use the rental income from it to fund a mortgage on the new home. I don't know enough about the benfits of one or the other to advise him. I would appreciate input from the BP community as to the best way to approach this from a financial and tax perspective. Thank you!

1 Vote

Hi. I am trying to find out if I can include closing costs I am paying on behalf of the buyer in my capital gains calculation. They want to increase the price they are paying for the home and have me pay their closing costs. I assume this allow them to come to closing with less cash down. Any clarification you can provide would be much appreciated!

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Mobile, Alabama

Quote from @Rob Jacobs:

Banks are required to offer you all options that are possible and in your case, it's a short sale. If you're only 30 days behind, you have a few moths before an auction will take place. As long as you close on your house before the foreclosure sale date, you're fine. If you get to within 60 days of the foreclosure, you need to move to a short sale immediately. Banks often require you to have a full set of documents including an accepted offer in their files and the short sale case oened 37 days prior to the auction date.

Thanks!

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Mobile, Alabama

Quote from @Minna Reid:

Are you trying to sell this FSBO? I don't see how you are anticipating less than $15k closing costs on a sale this size? And by the way your balance increases with non payment.

Not much to worry about if you are only 30 days behind, but unless you do move this quick you will in fact be looking at a short sale.

Good news is they are obviously open to that. I wouldn't worry about the 5/29 date - they will certainly make the option of short sale available to you again anytime between now and the foreclosure sale...which could be many months or even years away.

Thanks for the info. I have two quotes for closing costs, one at $2k and the other at $2,500.

I should also mention that, if I get a job soon, I can easily make up the payment(s) in arears at my earning level, so it very unlikely that this will end up as a short sale. I was just trying to understand why my mortgage company proposed a short sale from the very beginning instead of just giving me a couple of months breathing room to find a new job.

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Mobile, Alabama

Quote from @Rob Jacobs:

Quote from @Susan McBride:

Quote from @Rob Jacobs:

Thank you very much. The only gave me until 5/29 to agree to a short sale. Should I agree or ignore them just keep trying to sell it?

Don't ignore them, just play along with them for now to keep them from canceling your hardship request. Just drag your feet on everything up to their deadlines as much as you can until your house is sold.

In this market, your house should sell in a week as long as you have an experienced agent. The bank will require it to be listed on the MLS anyway. A good agent will know how to get top dollar fast.

Thanks again! I have it listed as FSBO but using a realtor to list it on the MLS (Beycome). If I don't have an offer soon, I have a realtor I plan to list with. He is a young go-getter in the area.

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Mobile, Alabama

All Forum Posts by: Susan McBride

Susan McBride has started 5 posts and replied 23 times.

Post: Need Advise on Leveraging Existing Home to Purchase Another One

Post: Need Advise on Leveraging Existing Home to Purchase Another One

Post: Need Advise on Leveraging Existing Home to Purchase Another One

Post: Need Advise on Leveraging Existing Home to Purchase Another One

Post: Need Advise on Leveraging Existing Home to Purchase Another One

Post: Need Advise on Leveraging Existing Home to Purchase Another One

Post: Can I deduct closing costs I am paying on behalf of the buyer

Post: Applied for Forbearance and Was Offered Only a Short-Sale Option

Post: Applied for Forbearance and Was Offered Only a Short-Sale Option

Post: Applied for Forbearance and Was Offered Only a Short-Sale Option