STYLE The buyer of my house is going through some shit....*Update - House sold!*

Diesel66

OT Supporter
Feb 20, 2005
134,507
Kc
I find this incredible.

You win the 100 million dollar lottery, and upfront, they take, say 50 million dollars as taxes.

You still have 50 million. You give five million to your best friend.
Now that's taxable income for him, and HE has to be 2 million.

He still has three million. He gives a million to his son.
Now that's taxable income for him, and he has to pay $400K.
Person receiving never paid taxes

And a 5 mil gift wouldn't be a taxable event. But should reduce the lottery winners lifetime amount
 

strik9

Verbing weirds language.
May 18, 2001
19,817
Md
We had issues when buying a condo. Apparently Fannie Mae changed standards and let us know less than a week before closing that they will no longer fund because a different building in the development has ongoing construction litigation. Dragged shit on for another 2 weeks before we could close.
 

kwhitelaw

OT Supporter
Sep 1, 2004
41,747
virginia
If the lender and buyers agent are so confident it will close, just need til the 28th, have them remove bump the EMD and agree to forfeit it if it doesn't close on the 28th. It would take 5 minutes to have a document drawn up regarding this and the buyer can wire the increased EMD same day

If the buyer is still serious that is
 

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
26,099
Loserville. Population: 1
We had issues when buying a condo. Apparently Fannie Mae changed standards and let us know less than a week before closing that they will no longer fund because a different building in the development has ongoing construction litigation. Dragged shit on for another 2 weeks before we could close.
Those aren't new standards...
 
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borazhasleftthebuilding

half black lives matter, too
OT Supporter
Feb 11, 2005
132,307
in da forest
I find this incredible.

You win the 100 million dollar lottery, and upfront, they take, say 50 million dollars as taxes.

You still have 50 million. You give five million to your best friend.
Now that's taxable income for him, and HE has to be 2 million.

He still has three million. He gives a million to his son.
Now that's taxable income for him, and he has to pay $400K.
how do ppl think this is acceptable?
 
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Colleen

Well-Known Member
Apr 3, 2002
104,940
🇨🇦
I wouldnt accept any offers that hadn't been approved for a loan yet... sounds like a mess waiting to happen.


I assume the housing craze didnt effect your neighborhood?
 

Scoob_13

Hello Nice FBI Lady
Oct 5, 2001
81,033
Jew Space Laser Control Center
I wouldnt accept any offers that hadn't been approved for a loan yet... sounds like a mess waiting to happen.


I assume the housing craze didnt effect your neighborhood?
In his defense, I went through a thing where we had pre-approval etc. worked out with Chase, and the bank yanked us around for weeks demanding all sorts of bullshit (like additional down payment, exorbitant fees, etc.) while the buyers were nice enough to be patient before I finally lost my shit and found a new broker and within 72 hours we were at a closing table.

So I can get banks being a bunch of bastards. But still at some point it's easier to cut bait and move on.
 
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Colleen

Well-Known Member
Apr 3, 2002
104,940
🇨🇦
In his defense, I went through a thing where we had pre-approval etc. worked out with Chase, and the bank yanked us around for weeks demanding all sorts of bullshit (like additional down payment, exorbitant fees, etc.) while the buyers were nice enough to be patient before I finally lost my shit and found a new broker and within 72 hours we were at a closing table.

So I can get banks being a bunch of bastards. But still at some point it's easier to cut bait and move on.
Yah similar to the fuck show we had with our mortgage broker. She approved us then when we put the offer in she said we couldnt afford what she approved us for (we had an approval letter) then when I questioned she reviewed our income and then told us we could approve for another 100k

:rofl: I complained to the bank three times but at that point in the sale it was unfortunately best to let her finish it up.
 
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