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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I still don't believe a word of this. And no one confuses Pimmit Hills with McLean, either. At least no one I know would, and I live in Arlington!

The buyer knows exactly where the property is there is no confusion of mclean vs pimmit. Point being he would rather save some money and was considering going private school anyways.

I am not considering it because of the capital gains issues.

And yet you claimed to be on the fence when you posted earlier today and said you were soliciting offers on Zillow and the like?

This is just another illusory thread to drum up interest for Pimmit Hills, in my opinion.

I never claimed to be on the fence we had already made up our minds before hand but the input on capital gains and other ideas was a good talking point. You can believe what you want.

[Anonymous]

here you go

[Anonymous]

A web screen full of redactions means nothing.

[Anonymous]

Anonymous wrote:
Jeff, can we do something about the offensive person who keeps posting the same pic over ad nauseum? It really is detracting from this board and these threads. It really does take away any credibility to see the same poster post the same thing over and over and over again.

It is not only this offensive GIF (on the non explicit boards, I am not a prude); but it is other posts as well.

So you think Jeff & Maria are spending their day reading every.single.post??? If you want them to do something, hit "report" or post in the Website Fedeback forum (with a link if necessary).

[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.

Our perception has become so skewed. "Only two other offers" =/= "completely dead, FFS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op here , its real and new construction, 6000 sqrft in pimmit hills . The potential buyer said a home in mclean would be 1.6 and didn't care about schools because he is going private.

Why did I know Pimmit Hills was going to make its way into this thread??? Of course the house in question is in Pimmit Hills. Of course.

My money was on Mosaic District, but I'm right there with you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op here , its real and new construction, 6000 sqrft in pimmit hills . The potential buyer said a home in mclean would be 1.6 and didn't care about schools because he is going private.

Why did I know Pimmit Hills was going to make its way into this thread??? Of course the house in question is in Pimmit Hills. Of course.

My money was on Mosaic District, but I'm right there with you.

What's the big deal? Another home that was sold for 600k a few years a go just went under contract for 875k.

[Anonymous]

Thread is bullshit.

There are only 2 properties in Pimmit hills that have sold for around $800k in the last year, 2008 Cheri and 2015 Cheri. Look em up yourself.

Neither of these properties could possibly be mistaken for $1.35M, and neither are on zillow as make me move.

Thread is horseshit.

[Anonymous]

Anonymous wrote:

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.

And pay $100,000 in taxes on it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

a

The profit is $550,000. I'd sell in a hot second and rent until I found what I wanted.

You would have to give 35% of that to obama so its a lot less

Long-term capital gains rate is 20%. They probably could structure it to close on the 366th day they've owned it, triggering LTCG.

Has no effect on their marginal income tax rate.

[Anonymous]

Anonymous wrote:Thread is bullshit.

There are only 2 properties in Pimmit hills that have sold for around $800k in the last year, 2008 Cheri and 2015 Cheri. Look em up yourself.

Neither of these properties could possibly be mistaken for $1.35M, and neither are on zillow as make me move.

Thread is horseshit.

i removed my make me move listing and it was a pocket listing by the builder.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Thread is bullshit.

There are only 2 properties in Pimmit hills that have sold for around $800k in the last year, 2008 Cheri and 2015 Cheri. Look em up yourself.

Neither of these properties could possibly be mistaken for $1.35M, and neither are on zillow as make me move.

Thread is horseshit.

i removed my make me move listing and it was a pocket listing by the builder.

Lol

[Anonymous]

I know that OP has already made up her mind what to do, but just in case someone else has a similar situation, one other issue to consider is the financing. You need to find out what the buyer's situation is for financing. The more money that they buyer is expecting to borrow, the less enticing this is. You would need to get a current appraisal of the property and make sure that the buyer has enough money in cash to cover the difference between the appraisal value of the house and the agreed upon price. For example, if the house were to appraise for $1M (a nice hefty 25% increase in value over 12 months), then the buyer will have to show proof that they have a least $350K cash in hand to cover the difference. There are many mortgage lenders who will not finance over the appraised value (and others who will only appraise up to some value like 105% of value) and so it's not worth going through a lot of effort if they can't pay for it.

[Anonymous]

The thread is a joke, so advice on the finer points of buyer financing is irrelevant. No one wants to spend that type of money to live a neighborhood of shacks.

[Anonymous]

http://www.sfexaminer.com/sanfrancisco/sf-housing-market-other-large-metros-showing-signs-of-a-bubble-expert-says/Content?oid=2484635