I bought a house last summer, mostly because I had the extra money and
knew I had another house (owned by my father who just passed away last
year) that i was going to sell, and I wanted to do something right
with the money I had rather then blow it.

Well, his house has tax liens on it, and although I am negotiating
with the IRS to reduce the penalties, it isnt looking good.
So now I am at the point where money is very tight, and I am afraid if
I do not come into money somehow (like, IRS reduces penalties, or I
win the lotto..honestly, i think I have a better chance of winning the
lotto), that i will not be able to pay my mortgage and bills in a few
months or so. I cannot get a HELOC as my credit is not good enough.

I have only owned this house 6 months, and as this is my first home,
so I am not very experienced with all of with this.

My question is: would it be possible at this point to sell my house
and get any money out of it? Its a 180,000 house, although I believe
it is worth at least 190,000 if not more at this point, due to prices
skyrocketing here in South Florida, as well as the remodeling work I
have done to this house on my own. I put about 18k down.

On 9 Feb 2004 18:28:32 -0800, (MichaelJ)
wrote:

My question is: would it be possible at this point to sell my house
and get any money out of it? Its a 180,000 house, although I believe
it is worth at least 190,000 if not more at this point, due to prices
skyrocketing here in South Florida, as well as the remodeling work I
have done to this house on my own. I put about 18k down.

It would be worth your while to pay someone a couple hundred dollars
for an appraisal - that's the major variable to determining whether
you'll get any money out of it. It's possible that it's appreciated
enough that you'll get at least your closing costs out of it and break
even, or maybe do even better.

Most places, the rule of thumb is five years, I think. But South
Florida is probably different.


tmac


"Money-saving suggestion: let's cut directly to the scene where
Mr. Bush dresses up as an astronaut, and skip the rest of his
expensive, pointless - but optimistic! - Moon-base program."
-- Paul Krugman

The part that will eat you up is realtor commissions. I don't know how it
works in FL but in NV it is 6% average realtor commissions plus generally 1%
seller pays towards closing costs, making total costs around 7%. 7% of 190k
is 13k, so you may be able to get most of your original down payment out. I
recommend moving quickly though because if you end up in forclosure you'll
probably get nothing as penalties and fees add up fast so you might as well
get out 10k+ if you can.

-Jeff

"MichaelJ" wrote in message
om...
I bought a house last summer, mostly because I had the extra money and
knew I had another house (owned by my father who just passed away last
year) that i was going to sell, and I wanted to do something right
with the money I had rather then blow it.

Well, his house has tax liens on it, and although I am negotiating
with the IRS to reduce the penalties, it isnt looking good.
So now I am at the point where money is very tight, and I am afraid if
I do not come into money somehow (like, IRS reduces penalties, or I
win the lotto..honestly, i think I have a better chance of winning the
lotto), that i will not be able to pay my mortgage and bills in a few
months or so. I cannot get a HELOC as my credit is not good enough.

I have only owned this house 6 months, and as this is my first home,
so I am not very experienced with all of with this.

My question is: would it be possible at this point to sell my house
and get any money out of it? Its a 180,000 house, although I believe
it is worth at least 190,000 if not more at this point, due to prices
skyrocketing here in South Florida, as well as the remodeling work I
have done to this house on my own. I put about 18k down.

Well I am lucky enough to know someone in the real estate field that
will put the house on the market for only 5%, and in Fla all closing
costs are paid by the buyer unless the seller agrees to pay a
percentage.
I obviously dont expect to get back my closing costs I paid out when I
bought the home, but I was hoping to get back at least my downpayment
and maybe a little more. I would be satisifed with that.

Anyone in Fla have any thoughts on this maybe?

Thanks.

"Jeff Smith" wrote in message news:pNYVb.28642$tP1.15902@fed1read07...
The part that will eat you up is realtor commissions. I don't know how it
works in FL but in NV it is 6% average realtor commissions plus generally 1%
seller pays towards closing costs, making total costs around 7%. 7% of 190k
is 13k, so you may be able to get most of your original down payment out. I
recommend moving quickly though because if you end up in forclosure you'll
probably get nothing as penalties and fees add up fast so you might as well
get out 10k+ if you can.

-Jeff

Where in Florida are you? I'm in Boynton Beach and the real estate is wild
down here. What sold for 150K last year is now well over 200K
"MichaelJ" wrote in message
om...
Well I am lucky enough to know someone in the real estate field that
will put the house on the market for only 5%, and in Fla all closing
costs are paid by the buyer unless the seller agrees to pay a
percentage.
I obviously dont expect to get back my closing costs I paid out when I
bought the home, but I was hoping to get back at least my downpayment
and maybe a little more. I would be satisifed with that.

Anyone in Fla have any thoughts on this maybe?

Thanks.

"Jeff Smith" wrote in message
news:pNYVb.28642$tP1.15902@fed1read07...
The part that will eat you up is realtor commissions. I don't know how
it
works in FL but in NV it is 6% average realtor commissions plus
generally 1%
seller pays towards closing costs, making total costs around 7%. 7% of
190k
is 13k, so you may be able to get most of your original down payment
out. I
recommend moving quickly though because if you end up in forclosure
you'll
probably get nothing as penalties and fees add up fast so you might as
well
get out 10k+ if you can.

-Jeff

I'm in Davie, FL, which is in West Broward County.

"Jerry L" wrote in message ...
Where in Florida are you? I'm in Boynton Beach and the real estate is wild
down here. What sold for 150K last year is now well over 200K
"MichaelJ" wrote in message
om...
Well I am lucky enough to know someone in the real estate field that
will put the house on the market for only 5%, and in Fla all closing
costs are paid by the buyer unless the seller agrees to pay a
percentage.
I obviously dont expect to get back my closing costs I paid out when I
bought the home, but I was hoping to get back at least my downpayment
and maybe a little more. I would be satisifed with that.

Anyone in Fla have any thoughts on this maybe?

Thanks.

"Jeff Smith" wrote in message
news:pNYVb.28642$tP1.15902@fed1read07...
The part that will eat you up is realtor commissions. I don't know how
it
works in FL but in NV it is 6% average realtor commissions plus
generally 1%
seller pays towards closing costs, making total costs around 7%. 7% of
190k
is 13k, so you may be able to get most of your original down payment
out. I
recommend moving quickly though because if you end up in forclosure
you'll
probably get nothing as penalties and fees add up fast so you might as
well
get out 10k+ if you can.

-Jeff

That area hasn't appreciated as much as southern Palm Beach County but I see
they're putting up some new expensive developments there. That'll bring the
prices up.
"MichaelJ" wrote in message
om...
I'm in Davie, FL, which is in West Broward County.

"Jerry L" wrote in message
...
Where in Florida are you? I'm in Boynton Beach and the real estate is
wild
down here. What sold for 150K last year is now well over 200K
"MichaelJ" wrote in message
om...
Well I am lucky enough to know someone in the real estate field that
will put the house on the market for only 5%, and in Fla all closing
costs are paid by the buyer unless the seller agrees to pay a
percentage.
I obviously dont expect to get back my closing costs I paid out when I
bought the home, but I was hoping to get back at least my downpayment
and maybe a little more. I would be satisifed with that.

Anyone in Fla have any thoughts on this maybe?

Thanks.

"Jeff Smith" wrote in message
news:pNYVb.28642$tP1.15902@fed1read07...
The part that will eat you up is realtor commissions. I don't know
how
it
works in FL but in NV it is 6% average realtor commissions plus
generally 1%
seller pays towards closing costs, making total costs around 7%. 7%
of
190k
is 13k, so you may be able to get most of your original down payment
out. I
recommend moving quickly though because if you end up in forclosure
you'll
probably get nothing as penalties and fees add up fast so you might
as
well
get out 10k+ if you can.

-Jeff

On 9 Feb 2004 18:28:32 -0800, someone wrote:

My question is: would it be possible at this point to sell my house
and get any money out of it?

Put it on the market and find out.

Of course it is possible to sell the house, and others have given you
their *opinions* on rate of appreciation, but generalities and
averages don't determine what YOU get for THAT house. All I will say
is, it looks marginal, maybe you will and maybe you won't but at least
you will get out of debt and out from under big payments that you
can't make that will ruin your credit rating if you don't unload.

BTW, you cannot apply average percentages because there are probably
too many assumptions, the starting one being that "it is a $180,000
house". That seems to assume that what you paid was the "right"
price. Maybe it was and maybe it wasn't. Maybe it was high maybe it
was low, maybe it was just right, until you go to sell it and see,
that's all you can really say.

It appears that your need to sell should not be based on whether you
will make money net after commish, but rather that you NEED to get out
from under something that is going to bleed you dry in a few months.
So SELL NOW regardless.

And good luck anyway.

-v.

(MichaelJ) wrote in message . com...
Well, his house has tax liens on it, and although I am negotiating
with the IRS to reduce the penalties, it isnt looking good.

Hire a tax attorney to represent your father's estate in its dealing
with the IRS. You'd be suprised at what a good tax attorney can do.

Yes I already have. But the IRS is slow in responding. they want
everything in writing, blah blah blah.

what we may do is ask the title company to hold the amount owed to the
IRS 'in dispute' while my CPA deals with them....this way at least we
can go ahead and close on the sale.

(e patashnikov) wrote in message . com...
(MichaelJ) wrote in message . com...
Well, his house has tax liens on it, and although I am negotiating
with the IRS to reduce the penalties, it isnt looking good.

Hire a tax attorney to represent your father's estate in its dealing
with the IRS. You'd be suprised at what a good tax attorney can do.