Money! (like the Pink Floyd song)
I got a call from my mortgage broker this morning. Someone wants to buy my condo. That was fast! I am not even sure it's mine yet. What's more, apparently they are willing to pay $420k for the same unit I bought at $399 in September and may even go up to $435. That's crazy. So I told my mortgage broker I needed to think about it. For one, I will have to look at the papers to see if I am allowed to flip the baby. For another, if the offer price is any indication that prices in Seattle are still continuing to rise I may be stuck renting for a while or end up paying more in the end if I sell now. Plus, I got a seriously sweet deal on the mortgage at just over 5% interest rate. If I wait, I may not get another rate that good. On the other hand the idea of adding $20-30k to my net worth overnight is tempting. A lot of things to mull over.
posted by mmb @ 6:02 PM
3 comments
3 Comments:
after fees and taxes it may not be as sexy. just be careful :)
I have to pay tax on that? Yikes! Thanks.
If you live in a house for two years out of the previous five, up to $250k profit for you (500k for a married couple) would be exempt from capital gains taxes. So since you've lived there far less than 2 years...you'd owe :(
some info on Bankrate.com
and capital gains tax rates are different than federal income tax rates.
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