We are also on a cash basis so I would try to pay taxes in December to get tax credit/deduction for this year especially when congress is messing with tax laws. 

They are a popular topic online but used very rarely in practice. 

He does real estate law in CT and New York. 

Thank you. 1) Rule 1 - Contact a real estate attorney and ask what the laws are regarding foreclosures in the state you are working including the S.A.F.E. laws2) See rule # 1

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

This can be superseded by state law - I don't think that's the case in NY. 

I will be surprised that 6 years later, the tax law requirement will stay the same.

But that is something the vast majority of people do not think about (or won't be able to - imagine a successful dentist that runs a local practice).It will be interesting to see how the Bay Area and SoCal deal with housing.

The fact that you get a spread between what you offered and what you sold the contract for, can be considered a "fee" depending who is interpreting the law. good luck. 

Ty Lauren, for the encouragement and great practical advice!