Gift them the downpayment of 10k or whatever as a gift (for repairs - whatever) and close the deal…new owner gets instant equity and you get 20-30kk in profit and the HML is happy…simple deal,why do u want 40k…give the buyer an awesome deal…make sure u sell below the asking price (90k) and give them the gift downpayment (whatever u want)…depends on your greed factor… lol…if HML needs for buyer to have cash,cough of the cash as a gift…look at the whole pic and not just the compartments…you’ll get it back in profits,walk away with 20k and be happy,
Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than the annual exclusion ($11,000 in 2002, 2003, 2004 and 2005; $12,000 beginning in 2006) for that year. Although a return may be required, no actual gift tax will become payable until the cumulative lifetime taxable gifts exceed the applicable exclusion amount. The donor is primarily responsible for the payment of the Gift Tax. However, seller’s gift tax exemption available in the estate has now been reduced by the exemption used for the gift transfers. 1,000,000 is the cumulative lifetime taxable gift you are allowed …its SHAMEFUL that most of the population DIES before using this…thats how the rich do it folks,I’ll give up some of my gifts to someone who needs help to make me more $$$…COMPLIMENTS OF THE IRS…
You have this great gift the IRS gives u every year…use it!!!
most everyday folks dont know about the cumulative lifetime taxable gifts…works great for QPRT.SAVE $$$$$$$$$$…that works great for you to pass on to “whomever”
btw you get bout 50 cents on the dollar if u sell the note assuming deal will pass the HML…check with the factoring companies
My 2 cents, (no lawyer or financial advisor - for entertainment and scholary use only)
p.s. folks, the market is going to tank a lot more,the next 2 years when all those ARMs reset…do your homework hehe … give the buyer a DEAL…eliminate other sellers in your neighborhood…give the buyer an AWESOME deal that will make their head spin…its marketing amigos …there will be plenty of profits…DONT BE GREEDY…new deals come along every day!!! even when the market tanks the buyer will still have a bit of equity and they would be still happy…
Robert A. Doncaster, Jr. - “RAD”