You know? I don't know if you got a good deal, or not. I honestly don't. This week, A guy that I work with took off to move because he's "short" selling his house and needs to be out by the end of the month. I've heard the term "short sale" countless times and never understood what it means, so here's this guy I work with that is "short" selling his house. I did the obvious and asked, "What's short selling mean?". He told me that he paid something like $250,000 for his home, but with the economy falling apart, its current appraised value is something like $190,000, his monthly mortgage is something like $2,000 or $2,500, and he owes far more on it than its appraised value, so he's selling it at some huge loss that's going to be eaten somehow and somewhere by someone...a "short sale". Now here's the thing. He told me that as part of the deal, someone is eating something like $90,000, and I remember him telling me $90,000, which is going to become taxable income to him next tax-go-round. When he told me that, my suggestion to him is that he better speak to an attorney, an accountant, someone that understands tax law, because from as near as I can make out, in addition to his income, he's going to have to come up with an additional 1/4 or so of $90,000 by April 15, 2015.
So to your question, did you get a good deal? I'm guessing that you probably did, especially if its what you and the family want and wanted, and you can afford it. Congratulations! And for whoever bought my coworker's home, sounds like they got quite a deal too, so congratulations to them.
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Today's Featured Article - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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