Bought a house last fall for 800k serious buyer offering for 1.35 million, what would you do?

[Anonymous]

We bought a newly built house last fall in a very desirable area.

We have no intentions of moving but a buyer is very interested in purchasing the home for a price of 1.35 million.

What would you do? Part of me thinks it's a great idea the other part of me worries that I won't be able to find a house of the same caliber with the profits made.

[Anonymous]

I'd hold on to it, especially if you are in a very desirable area as you say.

[Anonymous]

What would you do? Part of me thinks it's a great idea the other part of me worries that I won't be able to find a house of the same caliber with the profits made.

I think that's the question you have to answer. Spend a little time on Redfin seeing what's available in the area(s) you want to live in, and that will probably help you. I wouldn't be so excited about the half-million in profit if you have to plow most or all of it back into another suitable home.

[Anonymous]

Anonymous wrote:I'd hold on to it, especially if you are in a very desirable area as you say.

I think you are right but it just seems like a lot of money. We bought when things were completely dead and there were only 2 other offers on the home.

[Anonymous]

For a profit of $200K+? Yeah, I might sell for that amount... Do you think the offer is realistic?

[Anonymous]

Someone just knocked on your door and said hey, I want your house? Did you plan on selling it at some point?

[Anonymous]

I'd do it if I could find another house I wanted to live in that would allow me to pocket the profit. That's a whole lot of money towards retirement or college savings.

[Anonymous]

Anonymous wrote:Someone just knocked on your door and said hey, I want your house? Did you plan on selling it at some point?

combination of make me move, emails and phone calls.

[Anonymous]

I think you are right but it just seems like a lot of money. We bought when things were completely dead and there were only 2 other offers on the home.

Yeah, but you're still going to have to pay to live somewhere. This only makes sense if you can pocket most of the profit, as a previous poster suggested.

[Anonymous]

You'll have to pay cap gains since u haven't lived in it for two years

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'd hold on to it, especially if you are in a very desirable area as you say.

I think you are right but it just seems like a lot of money. We bought when things were completely dead and there were only 2 other offers on the home.

Stay put and congratulate yourself for buying at the right time.

[Anonymous]

Anonymous wrote:You'll have to pay cap gains since u haven't lived in it for two years

Yeah you are right that would be a big waste.

[Anonymous]

The more I think about the tax issues it seems like a terrible idea. I think that the gains would be counted as income thus bumping up our tax rate.

[Anonymous]

Stay. Should you want to make the money someone else will offer again an you will be there more than 2 years and have time to assess what you want.

[Anonymous]

Out of curiosity where are you?