Quote:
Originally Posted by Fat Elvis
I had the property for less than two years. It sold for more than 30% above purchase price.
Edit:. I should clarify that our counter was to remove the flooring allowance built into the offer that they wanted wrapped into their financing. It resulted in the same amount of money in my pocket.
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Nobody cares that you're making money, underwriters want solid income and credit from buyers, and a house that appraises for more than contract with no BS attached to it..Like remodeled basement with no permits.
Actually... The IRS cares, they will be getting about $6600 from the sale