Yorba Linda Vista Verde or Wait???

NEW -> Contingent Buyer Assistance Program
[quote author="awgee" date=1227589225]Just want to clear something up. Although not all losses on rental real estate may be able to be deducted in the year incurred because of phase out due to income thresholds, the losses are not lost. The losses are deferred until such time that the income thresholds are no longer reached or the property is sold.</blockquote>


And by then the tax law will have changed and you will have eat the losses when you sell, plus have the possibility of a higher cap gains tax rate. Sometimes you can control the risk, and sometimes you can't...
 
If the bank took this house back for $672k, for the bank to 'break even,' doesn't that mean they need to sell the house for $672 * 7% (that is total commission for buyer/seller agents)...I just dont understand how someone foreclosures on a house they paid $1.05m for when their lien was $672k..Crazy times in housing..
 
So the bank countered back with "Multiple Offers, Accept Your Best Offer" and indicated that a number higher than $700k is what they are looking for. Thoughts?
 
A wise man once said: "If they aren?t interested, then we?ll walk away..No loss as we know there will be other foreclosures coming up on the market."
 
The house is now listed at $769,900..We offered 650k..They countered with "Submit Your Best Offer," claiming there is another offer on the home..We are going to offer $675k as final and best offer. The house needs landscaping done and given that the entire neighborhood was built out in 2006, I highly expect more homes in the same neighborhood to go on the market in the months to come..
 
[quote author="stone007" date=1228361815]The house is now listed at $769,900..We offered 650k..They countered with "Submit Your Best Offer," claiming there is another offer on the home..We are going to offer $675k as final and best offer. The house needs landscaping done and given that the entire neighborhood was built out in 2006, I highly expect more homes in the same neighborhood to go on the market in the months to come..</blockquote>
Make sure you say and mean what you say. WALK AWAY, if you don't get at $675K.
 
I'm confused. Your initial offer was $672k right? They countered and you offered $650? Now another counter and you're going to raise it to $675?
 
The bank took the house back at 672k..Our offer #1 was $650..Bank countered with "Multiple Offers, Submit your Best offer." We countered with $675k..Rumor is that the bank wants over $700k but we won't offer that..
 
As I said before, offer $650k.



If they find someone who wants to pay more than you do, then let them have it. More likely, they won't qualify. Maybe they will come back to you, maybe not.



Find yourself a nice house to rent up there, and see what turns up by next fall. I bet that a similar house will come up for $525k then.
 
Thought I'd post an update..So we offered 650k, then 675k..House is 'still' on the market at $769k..The house went into escrow 2 weeks ago with a full price offer (not me..no way, no way in hell)..Well, surprise..surprise..It fell out of escrow and the sellers agent calls mine asking if we are still interested. My realtor says "yes, but 675k max is what they are offering." The sellers agent gives the song and dance about how the bank won't take that, blah...blah..Anyways, house is still on the market and still sitting there.



The bank must not want the house off their hands that bad..They took the house back at $672k..We offered $675k and they won't take it nor will they even counter back. Go figure.
 
hah, look for them to contact you again every four weeks until they accept 675k in march, whereupon you say that your offer is now $625K
 
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