Anyone Here A Realtor? (Or Real Estate Lawyer) I have a question... - Chicagoland Sportbikes
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post #1 of 34 (permalink) Old 04-14-2009, 03:56 PM Thread Starter

 
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Anyone Here A Realtor? (Or Real Estate Lawyer) I have a question...

I semi-asked this here already, but am getting conflicting answers from all over...so am kindly asking for those to answer who have either direct experience, or know the actual answer (instead of just every opinion on what they may think to be accurate).

My mom would like to sell me and my girlfriend her house. It used to be worth roughly $800K when the market was good. Zillow currently estimates it at like $550K. But, it needs updating. New roof, new flooring, new kitchen/appliances, etc. Everythings basically 20 years old and needs to be replaced. The architecure and size of the house are amazing, just that it needs updating.

So, considering its sort of a fixer upper, could she sell it to us for $320K? (the mortgage is less then that)

I'm having some people tell me she can't sell it for that cheap because the city won't allow it. While other people are telling me she can sell it for whatever she wants because its her house.

My thoughts are, just like a car, you can't sell someone your car for $1 because the stupid govt gets involved and they want their fair cut of the taxes, so...does the same apply for a house (even though there are no sales taxes per se on a house).

Side note...anyone on here a real estate appraiser that could hook it up with a good deal?
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post #2 of 34 (permalink) Old 04-14-2009, 03:58 PM
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I imagine she could sell it to you for relatively little, but the taxes you pay may be based on the value more than the sale price.
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post #3 of 34 (permalink) Old 04-14-2009, 04:06 PM
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I imagine she could sell it to you for relatively little, but the taxes you pay may be based on the value more than the sale price.

When you go to have the property assessed, that result will determine what the house is worth, and what you will be taxed on. The assessment has to be done before closing. I believe the buyer pays for the assessment, not the seller.

Also, the assessment will determine how much the seller will have to put up for the partial year of property taxes, which will go to the buyer.

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post #4 of 34 (permalink) Old 04-14-2009, 04:10 PM
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Why buy it?
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post #5 of 34 (permalink) Old 04-14-2009, 04:25 PM
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On the note of an appraiser, we have worked with Park Place Appraisal for a while now and they have always been real good on getting us what we need...
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post #6 of 34 (permalink) Old 04-14-2009, 04:29 PM
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Appraiser and Attorney information sent... PM.

As far as I know (worked in real estate law for 12 years), the tax payable to the State and County will be based on the PURCHASE PRICE. The annual Real Estate taxes will be based on the COUNTY's Assessed Valuation. Neither is based on your appraiser's determination of value. Keep that in mind during this transaction.

Lord willing, the contacts I provided you will be of assistance, since they all have plenty of experience and are more than willing to answer any of your questions.

Good luck!

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post #7 of 34 (permalink) Old 04-14-2009, 04:32 PM Thread Starter

 
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Why buy it?
Large house (4,000+ square feet). Amazing architecutre / floor plan. Balconies from the top floor, go to middle floor, go to basement, like stairs. The house is gorgeous, just needs updating. 1 acre lot in Downers Grove. Worth tons of money. Downers Grove home values have sky rocketed...even now with the market as it is. House across from us was updated and addition put on. Sold for $750,000 and they don't have the architecture or land we do.

So, if she was to give it to us for very cheap, we'd have a great house with instand equity.
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post #8 of 34 (permalink) Old 04-14-2009, 04:49 PM
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post #9 of 34 (permalink) Old 04-14-2009, 05:00 PM
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So, if she was to give it to us for very cheap, we'd have a great house with instand equity.
you wouldn't have any equity to begin with if you understand how mortgages work..

you pay off very little equity in the beginning when most of your payments go to interest and very little actually goes towards paying of the principal...Amortization.



and don't forget they require you to have 20% down payment for mortgages nowadays, (just like the olden days)

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post #10 of 34 (permalink) Old 04-14-2009, 05:04 PM
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Originally Posted by PolishPete View Post
Large house (4,000+ square feet). Amazing architecutre / floor plan. Balconies from the top floor, go to middle floor, go to basement, like stairs. The house is gorgeous, just needs updating. 1 acre lot in Downers Grove. Worth tons of money. Downers Grove home values have sky rocketed...even now with the market as it is. House across from us was updated and addition put on. Sold for $750,000 and they don't have the architecture or land we do.

So, if she was to give it to us for very cheap, we'd have a great house with instand equity.
You answered the wrong question. Why buy it at all?
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post #11 of 34 (permalink) Old 04-14-2009, 05:56 PM Thread Starter

 
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you wouldn't have any equity to begin with if you understand how mortgages work..

you pay off very little equity in the beginning when most of your payments go to interest and very little actually goes towards paying of the principal...Amortization.



and don't forget they require you to have 20% down payment for mortgages nowadays, (just like the olden days)
Getting a $800K house for $300K. Even if in its current condition and current market its only worth $550 according to those websites that estimate it (taken with a grain of salt of course)...that's instand equity. If she was to drop $100K into renovating the house...it is easily worth just shy of $1,000,000. That is not a question. That is instant equity. If we were to buy it from her and have to sell it 6 months later...we would easily pull $500K with it in its current condition.

The original question was tied to the fact we couldn't buy it from her for the full price because we can't afford it. But, there's no reason for her to keep it if I move out. She doesn't need a huge house all to herself, so she would sell it. But, she's offering to basically give it to us vs. sell it to a stranger.
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post #12 of 34 (permalink) Old 04-14-2009, 05:58 PM
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Only advice I have is to not put your girlfriend on the title until you are married.
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post #13 of 34 (permalink) Old 04-14-2009, 05:58 PM Thread Starter

 
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You answered the wrong question. Why buy it at all?
Girlfriend and I got out of school about a year / year and a half back. We have been together 6 + years. Both live at home. Have been saving for some time, and want to buy a house and start our "life" together.

Tax advantages, great discounts on homes...why not buy.

(and if this is just a ploy to get into the whole rent vs. buy argument. No thanks. Renting is not for everybody. Me being on of those people. Same reasons I wouldn't live in a condo. Just barely ok with living in a townhouse).
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post #14 of 34 (permalink) Old 04-14-2009, 06:05 PM
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On the note of an appraiser, we have worked with Park Place Appraisal for a while now and they have always been real good on getting us what we need...
And part of the reason the housing market was so overinflated. Appraisers who care about the viability of their business are no longer willing to risk the liability therein.

Im no estate tax expert but I believe there are rules about this sort of "gifting" and I would think despite selling it for a dollar, taxes would be paid on the assesed value.

FWIW, a friend just bought a 0.27 acre lot in DG for $400k.
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post #15 of 34 (permalink) Old 04-14-2009, 08:36 PM
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Girlfriend and I got out of school about a year / year and a half back. We have been together 6 + years. Both live at home. Have been saving for some time, and want to buy a house and start our "life" together.

Tax advantages, great discounts on homes...why not buy.

(and if this is just a ploy to get into the whole rent vs. buy argument. No thanks. Renting is not for everybody. Me being on of those people. Same reasons I wouldn't live in a condo. Just barely ok with living in a townhouse).
Have you looked into having her gift it to you? Or just add you to the deed? Whats the point of you buying it?

And rent v buy? I graduated in May 07 and close on my home May 1st
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post #16 of 34 (permalink) Old 04-14-2009, 08:37 PM
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Getting a $800K house for $300K. Even if in its current condition and current market its only worth $550 according to those websites that estimate it (taken with a grain of salt of course)...that's instand equity. If she was to drop $100K into renovating the house...it is easily worth just shy of $1,000,000. That is not a question. That is instant equity. If we were to buy it from her and have to sell it 6 months later...we would easily pull $500K with it in its current condition.

The original question was tied to the fact we couldn't buy it from her for the full price because we can't afford it. But, there's no reason for her to keep it if I move out. She doesn't need a huge house all to herself, so she would sell it. But, she's offering to basically give it to us vs. sell it to a stranger.
No you couldn't. You can't afford 500k. The only value is what someone is willing to loan against the value of a asset.\

And it you could put in a 100 thousand dollars and get a million back on the property you could be an idiot not to do that. Invest in some properties that will appreciate at a greater rate.

Last edited by Loki047; 04-14-2009 at 08:41 PM.
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post #17 of 34 (permalink) Old 04-15-2009, 09:44 AM Thread Starter

 
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No you couldn't. You can't afford 500k. The only value is what someone is willing to loan against the value of a asset.\

And it you could put in a 100 thousand dollars and get a million back on the property you could be an idiot not to do that. Invest in some properties that will appreciate at a greater rate.

No, really. The house is worth a lot of money. Like Kruz just said. His friend bought a .27 acre lot for $400K in Downers. Here we have a full acre, pond in the back yard with 2 islands (the neighbors backyards and ours intersect over the pond, about half of it being on our lot). Wooded area around. On my block they just took down a house and put to mansions about 10 feet apart from each other on the same lot. Listed em' at $950K a piece, with no land basically (not sure what they sold for, though they sold right after the bust, so I'm sure a lot less). Anyway, land is valuable. Especially in towns like Downers. Add to the fact that you have a house with 2 floors, full finished basement (2 kitchens, 5 bedrooms, study/library, amazing architecure, 3 fireplaces, etc. etc...and you have an expensive house...worth more then a $300k selling price). So I believe we could.

On the topic of investing and selling it...that's not some people's cup of tee. I grew up in this house. I love this. Its got everything I would ever want in a house and more, plus great location. If you can hold onto something like that for a cheap price...why wouldn't you? Giving up the house for a $1,000,000 to me wouldn't be worth it. Now if someone offered $10,000,000, we might talk...but its not always just about money.

And FYI for anyone interested. Two seperate loan officers and 1 realtor that I talked to all agreed that purchasing this house at $300K, even if its worth more is totally possible and legal...especially that we're family. If it was stranger to stranger, they all said there would be some expaining to do, family is a done deal.

And of course, yes, you do pay your taxes on what the village or whatever feels it's worth.

Congrats on your new place btw.
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post #18 of 34 (permalink) Old 04-15-2009, 09:58 AM
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I'm glad you're getting good info. Some of the advice posted can get to be a little confusing and every situation is different.

The sale between related parties would not be considered an "arms length transaction" and would not be flagged as unacceptable, so selling the house to you at $300K would definitely be adequate.

Good luck!!

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post #19 of 34 (permalink) Old 04-15-2009, 10:28 AM
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No, really. The house is worth a lot of money. Like Kruz just said. His friend bought a .27 acre lot for $400K in Downers. Here we have a full acre, pond in the back yard with 2 islands (the neighbors backyards and ours intersect over the pond, about half of it being on our lot). Wooded area around. On my block they just took down a house and put to mansions about 10 feet apart from each other on the same lot. Listed em' at $950K a piece, with no land basically (not sure what they sold for, though they sold right after the bust, so I'm sure a lot less). Anyway, land is valuable. Especially in towns like Downers. Add to the fact that you have a house with 2 floors, full finished basement (2 kitchens, 5 bedrooms, study/library, amazing architecure, 3 fireplaces, etc. etc...and you have an expensive house...worth more then a $300k selling price). So I believe we could.

.
If you can't afford a $500K house then you can not afford to take 500K out of the house you have. You seem to be obsessed with the worth of the house, but your missing the point. Everyone understands that your mom has a nice piece of property in DG.

Point 1) Find other ways to obtain ownership rather than through purchasing
Point 2) It doesnt matter how much equity is in the house if you can't afford to pull it out.
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post #20 of 34 (permalink) Old 04-15-2009, 12:50 PM Thread Starter

 
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If you can't afford a $500K house then you can not afford to take 500K out of the house you have. You seem to be obsessed with the worth of the house, but your missing the point. Everyone understands that your mom has a nice piece of property in DG.

Point 1) Find other ways to obtain ownership rather than through purchasing
Point 2) It doesnt matter how much equity is in the house if you can't afford to pull it out.
I think you're misinterpreting what I've said.

We cannot afford a $500K house. That is correct. However, we can afford $300K - $350K on the high end. She wouldn't be selling us the house for $500K, but for somewhere around $300K.

I was referring to the equity because of the fact that I didn't know if we could buy it for cheaper then its worth, and the fact that it makes it a great buy. Equity isn't so important to me from the standpoint that I could re sell it (because I hopefully wouldn't be), but from the standpoint that I'm getting a good deal.

Hope that clears things up.

Thanks Esme.
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post #21 of 34 (permalink) Old 04-15-2009, 10:19 PM
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why doesn't she just sell it for 6-800 k and give you 320k? then you have a hell of a dp?

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post #22 of 34 (permalink) Old 04-15-2009, 10:19 PM
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everybody likes the dp

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post #23 of 34 (permalink) Old 04-15-2009, 10:39 PM
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why doesn't she just sell it for 6-800 k and give you 320k? then you have a hell of a dp?
cuz then she pisses away good money on sales taxes on it
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post #24 of 34 (permalink) Old 04-15-2009, 10:45 PM
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And if he had a dp it seems he would buy that house, assuming its not already in the family. he wubs that pad.

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As long as their tits are bigger than their dicks, im in.

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post #25 of 34 (permalink) Old 04-15-2009, 11:04 PM
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I think you're misinterpreting what I've said.
I think you missing a huge opportunity to save money on taxes by not purchasing the house. Stop being a cheapskate spend the $1000 talk to a good attorney and accountant.

You still haven't clarified why you have to buy the house
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post #26 of 34 (permalink) Old 04-15-2009, 11:06 PM
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post #27 of 34 (permalink) Old 04-15-2009, 11:13 PM
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I think you missing a huge opportunity to save money on taxes by not purchasing the house. Stop being a cheapskate spend the $1000 talk to a good attorney and accountant.

You still haven't clarified why you have to buy the house
I don't uderstand what point you are trying to make. He likes the house and its cheap, he would have to pay taxes on any house he buys...

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As long as their tits are bigger than their dicks, im in.

-"You will meet your destiny on the road of avoidance."

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post #28 of 34 (permalink) Old 04-16-2009, 12:51 AM
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Your mother can sell it to you for the price in question. Considering the market conditions, no one is going to question anything. You said the house needs updating , if its a fairly large house, it will cost 100k plus to update (retail) .Easy justification to the assessor . I have gone through this before and didnt have a problem at all . Just do it if you like the house. If you qualify for first time buyer , you will get $8000.00 from the IRS. You should also be able to go FHA since the house is under $358K . That means 3% down. Pm me if you need a lender . He will close it in two weeks. FYI , only YOU on the deed . no girlfriends . Good luck !

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post #29 of 34 (permalink) Old 04-16-2009, 04:37 AM
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Im still wondering why she would sell him the house rather then giving it to him.

go time traveler style and go back in time, fuck his grandma, then shoot forward in time and then fuck his mom. Then return back to present state and call him a the product of two incest whores and hes your son and show video of you plowing the both members of his family. .
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post #30 of 34 (permalink) Old 04-16-2009, 05:54 AM
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Quote:
Originally Posted by trkyleg View Post
I don't uderstand what point you are trying to make. He likes the house and its cheap, he would have to pay taxes on any house he buys...
Right but in this case the owner can gift it to him over time or just leave it to him in the will. If she wants some cash refi pull some equity out and put his name only on the deed and mortgage. It's just a matter of avoidingtaxes and fees when there are options avaialble.
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