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 - Recollections of a John Deere GP - by Charlie Cook. I grew up on my dad's 280 acre general farm in Western Michigan. Dad's only tractor when I was very young was the old GP. My first recollection of this tractor was when dad allowed my brother and myself to ride on the tractor with him driving. One of us would sit on the left fender (away from the clutch) and other would sit on the gas tank and hold onto the crankcase breather pipe.
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