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Old 02-17-2008, 09:36 AM   #41
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Originally Posted by megacorp-firee View Post
I don't think that you can take a capital loss on a house that was NOT a business property (i.e. rental unit).
For some reason I thought the OP had inherited the house and his brothers were living in it; on a re-read, they all inherited it.

Since some of the owners lived in it as a main home, then they cant take a loss.

Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Old 02-17-2008, 03:56 PM   #42
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Originally Posted by free4now View Post
Because they cost money and, unless paid more, have no incentive to move the deal along. I haven't used an attorney to close on a house since 1985 (South Carolina), and he screwed it up. Of course since then we've done our real estate buying/selling in Hawaii & California, which didn't require lawyers.

I would still hire a lawyer top protect my interests. They aren't supposed to move the deal along, I am.

And in NJ, it is actually illegal to buy or sell without an attorney anyway.

"Neither my companion or I carry firearms on our persons. We depend on the goodwill of our fellow man and the forbearance of reptiles."

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Old 02-17-2008, 06:18 PM   #43
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When I sold my CA rental property 3.5 years ago, one of the downpayment charities was involved. It was truly a charity and was properly registered. I refused to close the deal unless I was made whole on the additional taxes and real estate fees I estimated I was going to incur by upping the sale price. The buyer's agent acted like he didn't understand how the higher sales price was going to cost me money but I held tight and he ended up kicking in about half of his commission. It was much more of a sellers' market back then so you probably don't have the leverage I had.

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