We set a time limit on both of ours and the time limit has passed on both. if you choose to walk thats up to you but with these your not dealing with a for sale by owner who wants to get into a new house themselves. this is a bank, and they have so many forclosures sometimes they cant move faster.
good luck!

I’m doing this to buy rental income RE. I’m not a broker, agent, etc., just a regular guy looking for good investments, and possibly also to buy a house for myself to live in as well.

There is no type of property that is "always a good deal". Short sale properties are homes that have loans on them that are worth more than the house is. These sellers are asking their lenders to accept less than they are owed to sell the house. No lender is going to let a home go cheap unless they absolutely have to. There is a chance you will get a highly motivated lender to dump the house to get whatever they can for it, but that is the case for any type of property in a declining market. Your best bet is to track a neighborhood. Get to know the homes int he area and track them when they go on the market and when they sell. Start writing offers on homes as they comae available and after they have been for sale for more than 120 days. Do not discriminate between types of homes! look at new homes, resale, REO (foreclosure), and short sale. Get an eye for value (know your market) – that’s the only way to recognize the good opportunities.

thanks =)

You phone them up and say you have changed your mind .. the buyer may get all upset and suggest you should pay any costs they have entered into, but there is nothing they can do, even if they have paid for a Survey etc.

In UK, TYPICALLY the Estate Agent gets paid ONLY when the house is sold … (this will be stated in the Terms & Conditions of the Contract you signed .. and plainly didn’t read)

http://www.ansthailandrealestate.com/detached-homes-koh-phangan.html

Luxury 4 bedroom, 5 bathroom house for sale with panoramic sea views and pool in Ko Phangan, Gulf Of Thailand.

2 year old, 220m2 (2200sqft), 2 story house with 11x5m pool set in a 1000 square meter (over ½ rai) lot with well established garden, in beautiful, quiet, convenient Leam Seathanu. 1 minute walk to private beach, 15 mins from Tong Sala, 15 mins from the beaches at Haad Yao and Ko Ma, and less than five minute walk from beautiful, white sand, sunset beach, snorkeling , shops and restaurants at Seathanu.

4 bedrooms (2 with air conditioning), each with an en-suite bathroom, boast elegant and cool marble inlaid floors, wood ceilings, teak doors and large picture windows facing the sea.

The huge 10x10m main living room/kitchen features 360 degree panoramic views from Samui, across Wok Tum bay and around to Khao Ra mountain; solid wood floors, modern kitchen with granite countertops and indoor/outdoor terrace.

Ko Phangan is a truly wonderful place to live. It is one of the few relatively unspoiled islands left in Thailand yet has all the modern conveniences needed for a comfortable life. The air is clean, the west coast is quiet and the people friendly. The climate is comfortable all year round with temperatures varying between about 25 and 35degC (70 and 95degF). South Thailand has a tropical climate and unlike the north, does not have a long dry season so the island stays a lush green colour all year round.

Ko Phangan has world class, white sand beaches, warm, clear sea, great snorkelling and diving, mountain walks and waterfalls. If you like yoga or a massage, we have hundreds of low cost, high quality options. We also have all the modern conveniences that make a long stay here very pleasant. My house has high speed internet; there is a 7/11 2 minutes away and a Lotus Tesco supermarket and several local markets and speciality food shops in town. We have some of the best restaurants in Thailand, with 3 or 4 really excellent pizza restaurants, great Mexican, Indian, Vietnamese, American, Seafood and of course Thai restaurants too.

Thailand is also a very inexpensive place to live for a fairly advanced country. 2 people can comfortable live on less that $30US a day. A good evening meal in a nice foreign food restaurant, with drinks is about 600baht ($17), a local Thai restauraunt is half that. Transport is inexpensive, since everyone drives on 100cc scooters and electricity is cheap because air-conditioning is rarely needed.

Should you need medical care, there are several doctors, dentists and clinics on the island and top class hospitals are available 30 minutes away in Ko Samui.

There is a very active, multi-national expat community here, and been a small island, its easy to meet people and make friends quickly. If you value your privacy, no problem either; we do not have close neighbours and our house cannot be scene from the main road.

This is a unique opportunity to own one of the best built and best located houses in Ko Phangan for 9,900,000 baht, ($280,000) inc. land (freehold or leasehold). We are on a government road, have government water and 8000 litre water storage tanks, government electricity and ADSL high speed internet and UBC satellite TV.

http://www.ansthailandrealestate.com/detached-homes-koh-phangan.html

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All three are tenants in common and house is worth 160,000
709 filed with irs

2006 Day before parent dies, parent share divided between daughter and son still tenants in common.

Daughter has lived in house the entire time therefore house is principle residence.

Son has not lived in house since 1970.

Assuming house sells in 2007 for 450,000 what do son and daughter owe in terms of capital gains ?
basis of house is 150,000

All of what has been said are valid observations, however I get the idea you want to know what this is going to cost each of you. In the worst case the son would owe something like $22.500 and the daughter nearer to $7,500. Any of the adjustments that have been mentioned would tend to reduce those amounts downward. The most important point here for the readers is that this question should have been asked in 2006 before the parents death and there would likely be no Federal income tax to be paid by any one. And it would not have cost $30,000 to ask a professional tax person.

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