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Old 02-17-2008, 10:36 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.
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Old 02-17-2008, 04:56 PM   #42
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[quote=Nords;616931]
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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.
Hmmm...

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.
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Old 02-17-2008, 07:18 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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