Posted on: 02nd Aug, 2009 02:31 am
Hi,
I found a rehab SF property for $10k (auditor value $65k), I will pay in cash. No lender involved.
It´s admissible to write a higher price for the purchase on the contract? I think about $25k.
Otherwise:
It´s admissible to write a lower price for the purchase on the contract? $10k real sales price and $1k only on contract (as an sample).
Thanks for your responses.
I found a rehab SF property for $10k (auditor value $65k), I will pay in cash. No lender involved.
It´s admissible to write a higher price for the purchase on the contract? I think about $25k.
Otherwise:
It´s admissible to write a lower price for the purchase on the contract? $10k real sales price and $1k only on contract (as an sample).
Thanks for your responses.
klutu
welcoem to mortgagefit.....
its really a good deal you are gettingbut as far as market value is concerned you will be asked to pay the taxes on the property as per market value..so i will advice you to show it $ 25 k for the property.
keep in touchh....
:arrow: :arrow: :arrow:
welcoem to mortgagefit.....
its really a good deal you are gettingbut as far as market value is concerned you will be asked to pay the taxes on the property as per market value..so i will advice you to show it $ 25 k for the property.
keep in touchh....
:arrow: :arrow: :arrow:
Manoj,
What will be the benefit by mentioning higher value?
What will be the benefit by mentioning higher value?
Hi klutu,
If you write an higher amount on the property deed, then the seller will have to pay a high amount of capital gains tax. So I don't think the seller would agree to it.
If you write an higher amount on the property deed, then the seller will have to pay a high amount of capital gains tax. So I don't think the seller would agree to it.
Hi again,
Thanks for your response.
adonis, thats a good answer. I didn´t think of it. Transfer tax is the next reason.
Whats with the other idea, instead of $10k only $1k? Better for the seller in this case, but it´s legal?
Bye.
Thanks for your response.
adonis, thats a good answer. I didn´t think of it. Transfer tax is the next reason.
Whats with the other idea, instead of $10k only $1k? Better for the seller in this case, but it´s legal?
Bye.
why would you want to claim to pay an amount different from what has actually been paid, except to perpetrate a fraud?
The property needs $12-15k for repairs = $25k for the deed, thats my thought. But you are right, I won´t be illegal.
So sorry for my question.
So sorry for my question.