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 - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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