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Replies (30)
- David Cooper-Las Vegas, "LasVegasRents"
- Contributions:281
I would wait 6 months before paying back the whole $15,000, and I would NOT do it thru any paper trail.
David Cooper
David Cooper
- Dunes....
- Contributions:3894
David
And why "I would NOT do it thru any paper trail." ?
Why wait 6 Months?
And why "I would NOT do it thru any paper trail." ?
Why wait 6 Months?
- Alyssa Parisette, "aphomesonline"
- Contributions:6
Like David said, it's up to you if you want to repay the gift. But instead of borrowing the money I would wait a number of months and save up to pay the family member back in cash, that way, no paper trail, and no one questions it.
- Dunes....
- Contributions:3894
And why would we tell someone " no paper trail, and no one questions it."?
This is a non-issue and you are over-complicating things. It's all about intent. When you got it, it was a gift. It still is a gift regardless of what you do.
You said: "Technically I don't have to pay back the money to the family member, but I want to."
And that is where the problem is. You are not "paying" it back, you are "giving" it back. You cannot pay back a gift, but you can surely give one back.
Problem solved.
You said: "Technically I don't have to pay back the money to the family member, but I want to."
And that is where the problem is. You are not "paying" it back, you are "giving" it back. You cannot pay back a gift, but you can surely give one back.
Problem solved.
- Dunes....
- Contributions:3894
Agreed Chuck..
Just curious why we have 2 "no paper trail" suggestions
Just curious why we have 2 "no paper trail" suggestions
- JamesMayo
- Contributions:13
Feels dirty, right...
Methinks Prof Brown answered the question and the others are promoting the culture that got us into this mess.....
Methinks Prof Brown answered the question and the others are promoting the culture that got us into this mess.....
- Dunes....
- Contributions:3894
Methinks that was my thought ;)
- SoCal_Engr
- Contributions:5666
I agree with the recommendation not to borrow money to pay it all in one chunk.
There's another, legit reason, for possibly paying in two chunks - documented. The last I checked, the IRS allows gifts up to $13K per person per year. If you are giving the money back to an individual, then splitting your "gift" across calendar years avoids the $13K limit. And, using a check supports the timing/limits - in case the IRS decides to audit either you or your family member.
Personally, anytime you're doing something and trying to hide it - something smells. So, any REA care to explain the "don't leave a paper trail" advice?
There's another, legit reason, for possibly paying in two chunks - documented. The last I checked, the IRS allows gifts up to $13K per person per year. If you are giving the money back to an individual, then splitting your "gift" across calendar years avoids the $13K limit. And, using a check supports the timing/limits - in case the IRS decides to audit either you or your family member.
Personally, anytime you're doing something and trying to hide it - something smells. So, any REA care to explain the "don't leave a paper trail" advice?
According to the CA DRE, she's been an agent less than 30 days and it was her first Z-post. The way I see it, there are 2 choices.
1) Cut her some slack because she's new at this.
2) Rip her a new one that she'll never forget so she doesn't do it again.
Jury is out...
1) Cut her some slack because she's new at this.
2) Rip her a new one that she'll never forget so she doesn't do it again.
Jury is out...
- SoCal_Engr
- Contributions:5666
Open mouth, insert foot, reap rewards.
If you don't know what you are talking about...
"It is better to remain silent and be thought a fool, than to speak and remove all doubt."
If you don't know what you are talking about...
"It is better to remain silent and be thought a fool, than to speak and remove all doubt."
- Paul Mondello, "Paul Mondello"
- Contributions:2097
Back in 08 it would have been rip first and ask questions later.
(See you in the Hall of Shame)
(See you in the Hall of Shame)
- Dunes....
- Contributions:3894
I Agee with SoCal
- shapiroamg
- Contributions:3058
I like Option #2.
- Dunes....
- Contributions:3894
And the Foreclosure Specialist with 35 Years Investing Experience?
- Michael Emery, "MikeEmery"
- Contributions:7298
Door number 2, Monty.
"And the Foreclosure Specialist with 35 Years Investing Experience?"
You mean the one with the website that looks like a hot mess? I mean seriously, who on earth would take that seriously? He needs to invest 35 minutes in spell check, grammar lessons and Go Daddy basics if you ask me.
" Fill out this form and get to see all the most current Bank Owned REO Foreclosurs homes updated daily"
No thanks, I think I'd rather pull my uncle Jack's finger.
You mean the one with the website that looks like a hot mess? I mean seriously, who on earth would take that seriously? He needs to invest 35 minutes in spell check, grammar lessons and Go Daddy basics if you ask me.
" Fill out this form and get to see all the most current Bank Owned REO Foreclosurs homes updated daily"
No thanks, I think I'd rather pull my uncle Jack's finger.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2733
Quick, Uncle jack - run for the hills or put on some gloves!
There is something about a real estate company, whose address is a post office box number, that makes me think......hmmmmmmm.......they must have very cramped office meetings....afterall - how many can fit in a PO box?
I digress - option #2
There is something about a real estate company, whose address is a post office box number, that makes me think......hmmmmmmm.......they must have very cramped office meetings....afterall - how many can fit in a PO box?
I digress - option #2
- JamesMayo
- Contributions:13
"And the Foreclosure Specialist with 35 Years Investing Experience?"
"No thanks, I think I'd rather pull my uncle Jack's finger"
...I should probably spend some more time here - you guys are fun -
And since we are voting - Option #2 = Baptism by Fire
Debbie, What is your first impression when you see an Agent's web site Listing Tab take you to a page like this:
LISTINGS
Please use Zillow to look up Homes!
This page is currently under construction.
"No thanks, I think I'd rather pull my uncle Jack's finger"
...I should probably spend some more time here - you guys are fun -
And since we are voting - Option #2 = Baptism by Fire
Debbie, What is your first impression when you see an Agent's web site Listing Tab take you to a page like this:
LISTINGS
Please use Zillow to look up Homes!
This page is currently under construction.
- Alyssa Parisette, "aphomesonline"
- Contributions:6
In response to your choice of option number 2:
1. Yes, I am new at this (thanks for the advice, I will be changing my office address immediately).
2. I am currently waiting for approval of my website by SANDICOR to add an IDX engine, which should be happening next week.
3. I suggested not leaving a paper trail because when I purchased my home and received a gift, I chose to do the same thing and repay it because I wanted to. That being said, I paid it off in cash chunks because I was told a gift is a gift, not a loan. And if the bank has some reason to go over your records they won't wonder why all the money is gone! :) Not to mention keeping if off credit cards to avoid messing with your credit/debt ratio. Keep in mind however, my amount was significantly lower and based on that I think staying under that 13K repayment mark/year per SoCal is probably a good option.
Thanks for the help folks!
1. Yes, I am new at this (thanks for the advice, I will be changing my office address immediately).
2. I am currently waiting for approval of my website by SANDICOR to add an IDX engine, which should be happening next week.
3. I suggested not leaving a paper trail because when I purchased my home and received a gift, I chose to do the same thing and repay it because I wanted to. That being said, I paid it off in cash chunks because I was told a gift is a gift, not a loan. And if the bank has some reason to go over your records they won't wonder why all the money is gone! :) Not to mention keeping if off credit cards to avoid messing with your credit/debt ratio. Keep in mind however, my amount was significantly lower and based on that I think staying under that 13K repayment mark/year per SoCal is probably a good option.
Thanks for the help folks!
- JamesMayo
- Contributions:13
@ Alyssa
Welcome to the industry.
You will find that thick skin is an asset in this business.
Best Wishes
Welcome to the industry.
You will find that thick skin is an asset in this business.
Best Wishes
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2733
James, my impression is --- the agent needs to go back to the drawing board and get their website up and running before any consumer sees it!........and....referring buyers to zillow, or any other website, to search for listings isn't terribly impressive - in fact I'd be embarrassed for that agent.
Actualy, as a consumer, I doubt I'd ever return to that agent's website again.
My other "first" impression is - they don't have any listings!
Actualy, as a consumer, I doubt I'd ever return to that agent's website again.
My other "first" impression is - they don't have any listings!
- Alyssa Parisette, "aphomesonline"
- Contributions:6
Well Debbie,
If I saw your profile here on Zillow as a consumer, I would question why after 25 years experience, you have NO reviews.
If anyone has anything of value to add to the thread, please contribute!
Or, if you'd just like to offer me suggestions, please email me.
Thanks!
If I saw your profile here on Zillow as a consumer, I would question why after 25 years experience, you have NO reviews.
If anyone has anything of value to add to the thread, please contribute!
Or, if you'd just like to offer me suggestions, please email me.
Thanks!
- Dunes....
- Contributions:3894
I see on David's Profile he changed his Business/Office address since yesterday..
Yesterday it was 3160 West Sahara Link
Today..Diamond Management
There is a 1820 East or West Sahara Ave..
Do we mean one of those?
The Office is here now?..1820 E Sahara Ave or 1820 W Sahara Ave
or elsewhere?
Yesterday it was 3160 West Sahara Link
Today..Diamond Management
- 1820 Sahara Blvd
- Las Vegas,NV 89102 (Profile)
There is a 1820 East or West Sahara Ave..
Do we mean one of those?
The Office is here now?..1820 E Sahara Ave or 1820 W Sahara Ave
or elsewhere?
- Michael Emery, "MikeEmery"
- Contributions:7298
If anyone has anything of value to add to the thread, please contribute!
Gosh, I thought that's what people were doing. I guess I better clear all my comments with you to ensure they're 'correct'.
And an FYI on the review thing. Reviews are relatively new to Zillow and many excellent agents choose not to beg, plead, whine and cry to their past clients for a review. Having a review (or 100) is no guarantee of agent quality. Plus there is little to prevent agents from creating their own reviews as Zillow does not require a copy of a birth certificate, drivers license and passport to post on their site. So as far as I am concerned, reviews are about as valuable as a roll of two ply.
As for contributing 'anything of value', Debbie has contributed 1980 times with most of those contributions considered 'of value'.
You...four times.
Gosh, I thought that's what people were doing. I guess I better clear all my comments with you to ensure they're 'correct'.
And an FYI on the review thing. Reviews are relatively new to Zillow and many excellent agents choose not to beg, plead, whine and cry to their past clients for a review. Having a review (or 100) is no guarantee of agent quality. Plus there is little to prevent agents from creating their own reviews as Zillow does not require a copy of a birth certificate, drivers license and passport to post on their site. So as far as I am concerned, reviews are about as valuable as a roll of two ply.
As for contributing 'anything of value', Debbie has contributed 1980 times with most of those contributions considered 'of value'.
You...four times.
"I see on David's Profile he changed his Business/Office address since yesterday."
He's a "winner" you didn't see his web address? He can do whatever he wants...
He's a "winner" you didn't see his web address? He can do whatever he wants...
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2733
Well Ayssa,
At least get it right - I have 26 years of experience, not 25!
And..............I think Mike summed up the "review thing" quite nicely.
Thank you Mike.
At least get it right - I have 26 years of experience, not 25!
And..............I think Mike summed up the "review thing" quite nicely.
Thank you Mike.
- SoCal_Engr
- Contributions:5666
@ Alyssa...
"You will find that thick skin is an asset in this business."
Words to live by, both in your chosen profession and on Zillow's forums. Try not to take yourself too seriously here, or you'll spend most of your time salmon-ing.
There is plenty of advice, much of it good, that is dispensed on these forums. Unfortunately, this "good advice" can often come with a healthy dose of sarcasm. At times, the advice is even written on a piece of paper - thoughtfully attached to your back on the end of a knife. Zillow's forums are not nearly as brutal as they used to be (sometimes, that's to be mourned), but the "thick skin" can definitely come in handy.
"You will find that thick skin is an asset in this business."
Words to live by, both in your chosen profession and on Zillow's forums. Try not to take yourself too seriously here, or you'll spend most of your time salmon-ing.
There is plenty of advice, much of it good, that is dispensed on these forums. Unfortunately, this "good advice" can often come with a healthy dose of sarcasm. At times, the advice is even written on a piece of paper - thoughtfully attached to your back on the end of a knife. Zillow's forums are not nearly as brutal as they used to be (sometimes, that's to be mourned), but the "thick skin" can definitely come in handy.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
Hey there,
I have been in lending just short of 18 years and have never heard of a bank/lender auditing a buyers assets, post closing. We don't report to the IRS when a buyer receives and gift, so why would anyone be looking for some wrong doing after the fact?
Thank much,
I have been in lending just short of 18 years and have never heard of a bank/lender auditing a buyers assets, post closing. We don't report to the IRS when a buyer receives and gift, so why would anyone be looking for some wrong doing after the fact?
Thank much,
- everi
- Contributions:2
To those that posted actual responses to my question, thank you.
To those that hijacked the thread, perhaps if you don't have a more informed answer you should listen more and talk less. Like mom always said, "If you don't have something nice to say..." ;)
So long and thanks for all the fish!
To those that hijacked the thread, perhaps if you don't have a more informed answer you should listen more and talk less. Like mom always said, "If you don't have something nice to say..." ;)
So long and thanks for all the fish!
Repayment of "gift" used as downpayment for FHA loan?
In order to do this, I am writing myself an "access check" from my credit card for $4000. With only a 1% fee and 0% interest until 7/2012, I'll easily pay it off well before the rate jumps. I'm also purchasing some new appliances for the house.
Will anyone (FHA) notice or care if I do this? If they audit the loan, will they have a problem with this? Technically I don't have to pay back the money to the family member, but I want to. My credit rating is over 785 and I manage my money well. While you're not supposed to borrow money for a down payment, with 1% fee and 0% interest, the money is almost free.
Should I use a different bank account to transfer the money back to the family member? Will they only watch the account already documented or am I being way too paranoid?
Thanks...
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