HELP!! Can selling your house to a family member and re-buy it later lower my house mortgage payment/ taxes?
This is a scam. I answered one like this a couple days ago with the seller who decided not to sell now being harrassed and sued by the realtor who tricked them. Don't do this. THe seller agent get's 6-7% off the top, then another 6-7% later so don't do this to save 10-20,000. Also it's not easy or guaranteed and can hurt your credit. Finally you have to pay the write off back in higher taxes. So say you have 100,000 house worth in sale for 75,000, and you get a short sale. So that 25,000 difference you have to pay taxes on to IRS and state. Can be a big number. Now the realtor gest a 2,100 commission at the closing of the 75,000 home. Then when you transfer it back the realtor gets paid by you another amount probably $2100 plus cosing costs and fees. By the time you're done it's just not worth it and a lot a real lot can go wrong.
by I am America - a day ago
SCAM! If you want to lower your taxes, go to the township/city or borough you live in and request a reassessment - usually a 1 page form. If you want to lower your mortgage interest rate, refinance. Try to find a company that does not charge a huge fee (low closing costs like the E-loan ads) but I wouldn't go with Eloan. They charge higher interest. But make sure you don't do the reselling thing if you absolutely don't have to. Be careful who you do business with, and know where they live. If they dont want to tell you, then something fishy is up. Always good to know where people live because if they scam you, you can take the police right to them. ;-D
by mullson - a day ago
The woman is running a scam. Fairly soon someone is going to catch on and report her. Do your parents want to risk being part of that mess?
by hanora - a day ago
Yes. I'm answering your bold question but won't bother reading the meaningless details. You sell house, pay all the fees, buy it back at a lower price, pay more fees. Your new mortgage is based on purchase price. Property taxes based on new sales price. Good luck.
by falsi fiable - a day ago
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