Condo Sale - Offer over asking price
What is the name of your state? South Carolina
Hi, my wife and I own a condo in Myrtle Beach, SC. We also purchased a residential home there about one year ago. We have had the condo for nine years, and desire to sell it and pay off the house, as we actually reside in Philadelphia.
Both properties in Myrtle Beach are listed as second homes, although we do rent out the condo occasionally.
AND THE QUESTION IS: We have an offer on the condo. We were asking $200k, however, the prospective buyer wants to obtain a $240k mortgage, and have us pay him the difference back at settlement with an allowance for additional (200-240) captial gains tax. There isn't any problem as far as an appraisal, we are selling nearly 25% below market value.
Is this legal? Is it advisable?
Any and all help is appreciated.
Dave
What is the name of your state? South Carolina
Hi, my wife and I own a condo in Myrtle Beach, SC. We also purchased a residential home there about one year ago. We have had the condo for nine years, and desire to sell it and pay off the house, as we actually reside in Philadelphia.
Both properties in Myrtle Beach are listed as second homes, although we do rent out the condo occasionally.
AND THE QUESTION IS: We have an offer on the condo. We were asking $200k, however, the prospective buyer wants to obtain a $240k mortgage, and have us pay him the difference back at settlement with an allowance for additional (200-240) captial gains tax. There isn't any problem as far as an appraisal, we are selling nearly 25% below market value.
Is this legal? Is it advisable?
Any and all help is appreciated.
Dave
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