The Saving Advice Forums - A classic personal finance community.

Our Home "Pending Sale" Finally!

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Our Home "Pending Sale" Finally!

    After years being underwater, we put up our home for sale 2 weeks age, 10 days later we accepted a really goo OFFER.

    Before we put on sale we did some home upgrade in the kitchen new granite countertops/backsplash,replaced old laminate floor with new flooring, fresh paints, replaced 2 broken doors, and new light fixtures). This took about 4 weeks. In the end, our home was a move-in ready home. There were many folks interested but we found a great buyer (a broker/RE agent) that like home and what we did to the house. Finally!

    It's seems like everything is happening so fast. We got the appraisal scheduled Monday + roof doctor. Hopefully once that is completed (don't expect any problem). Everything should be a breeze.

    Once we close escrow we after transaction costs, we should net about little over 100K.

    Background, we been in this home for little over 13 years (2003 - 20016). We outgrown this home, the neighborhood (too many rentals), and we are ready to move on.
    Got debt?
    www.mo-moneyman.com

  • #2
    Congratulations!
    LivingAlmostLarge Blog

    Comment


    • #3
      Whats even sweeter about that is profits under $250,000 aren't subject to capital gains taxation.
      james.c.hendrickson@gmail.com
      202.468.6043

      Comment


      • #4
        Originally posted by james.hendrickson View Post
        Whats even sweeter about that is profits under $250,000 aren't subject to capital gains taxation.

        Yes, we won't be paying any capital gain which is great news, although we won't get near to that number not even close.
        Got debt?
        www.mo-moneyman.com

        Comment


        • #5
          I know that is a big relief.

          On a side note, what do you plan to do with the money? Go on trips, buy cars, sign up for multiple timeshares, and blow the rest? Let us know!
          Everything happens for a reason. Sometimes that reason is you're stupid and make bad choices.

          Current Occupation: Spending every dollar before I die

          Comment


          • #6
            congratulations!

            Comment


            • #7
              Originally posted by GoodSteward View Post
              I know that is a big relief.

              On a side note, what do you plan to do with the money? Go on trips, buy cars, sign up for multiple timeshares, and blow the rest? Let us know!
              That's a good question.

              We'll enjoy some of it, not all. Because we spent about $15K in home renovation for our existing home using our EF, first thing is to make sure we we replenish it back to 6 months again.

              We are buying a new house, most of that ($50K) will go to pay down the mortgage balance.

              The rest will go towards buying new furnitures for the new home, prefund our 2017 summer vacation, and about 10K will go toward the car fund account.
              Got debt?
              www.mo-moneyman.com

              Comment


              • #8
                Good for you! I think we don't live that terribly far from one another.

                Comment


                • #9
                  Update:

                  We negotiated with our buyer for $2K grand worth of repairs in addition.

                  Scheduled to close Sept 21st. Can't come fast enough!
                  Got debt?
                  www.mo-moneyman.com

                  Comment

                  Working...
                  X