Home Selling in New York>Question Details

jay moronta, Both Buyer and Seller in Maspeth, Queens, NY

I just sold a home to a friend of mine on 1/13/13. Arrangement was he was saving me from foreclosure bought it for 195,600K, and I would help him

Asked by jay moronta, Maspeth, Queens, NY Sun Mar 24, 2013

resell it ASAP. I got him the bank, etc.loan was FHA and he got really gd deal on loan. I got him a buyer but w/realtor so comm ate up any small profit. We have buyer @ 200K but netting 196K after realtor paid. Since we recently bought and are "flipping" what potential problems are we looking at, and pls if your not really acquainted w/this type of sit, refrain from offering advise if your not that versed as I going thru major anxiety. I hv idea that buyer might have to order 2 apprais (due to closing prior to 180days).not sure though. Also, can he deduct lose on his taxes, and will he have to pay title charges, transfer taxes, city/state/town taxes again. I believe that survey fee should b waived since we have most recent..but It would def help immensely at this point. As we would like to buy another property to make up for the "break even" point at this juncture..But will he be able to without any future problems..thank you..I know its a lot but I'm going "ape" over this deal...jay

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Rosemarie Deane’s answer
It is the banks decision whether to order another appraisal. You have outlined the difficulties in "flipping"properties. There are always closing costs as well as broker commissions, so unless you buy in at a really good level, you are going to LOSE money rather than make money. Next time let the bank foreclose and buy back the note.
0 votes Thank Flag Link Sun Mar 24, 2013
As for "what potential problems are we looking", not sure why you're not consulting with your attorney, rather than relying on online information....and when it comes to any necessary tax information, again a question better answered by your attorney, and or tax professional....
0 votes Thank Flag Link Sun Mar 24, 2013
hi anna, it's just since today is sunday, and of course, sometimes attorney's aren't as receptive to questions that don't garner a return...just want to see if someone on this portal has gone thru same..I have somewat idea of what is to be expected, but in this market, you never know...See I think FHA "flip" before 180 days might be issue for future FHA loan, also I suspect he'll have to pay title fee's etc. again, but not sure since we just closed on house in Jan..and of course, the tax deduction "loss" dynamic....thanks for your response anyhow...jay
Flag Sun Mar 24, 2013
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