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Question
we owe $81,000 on our home and our mortgage company is offering us to purchase the home for $5400.00. We have contacted our county to see if would owe any taxes and they state we are paid. However we need to know if we do purchase this home for $5400.00 will there be any taxes owed on the $81,000??
Hi Sonya-
I have never heard of this. Why would they offer to settle your mortgage for so little and under what circumstances? I would need to understand the circumstances and more importantly any conditions in order to possibly tell what kind of liability and/or tax ramifications there may be. Who is the mortgage company? I will answer what I can but this is a new one on me. Best, Toni
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Toni Yates
Expertise
As a real estate broker and agent for over 12 years, I am qualified to answer questions about buyer and seller agency, home ownership, second home ownership, lake property and basic real estate information and laws as they apply in the Commonwealth of Virginia.
Experience
12 years in real estate and a second home owner. Top producer for many years. Have specialised in resort and second home as well as primary home ownership. Also have expertise in equestrian properties. Owner and one of the founders of Re/Max Lake & Country as well as Greenway Horse Farm.
Organizations
National Association of Realtors, Virginia Association of Realtors, Fredericksburd Area Association of Realtors, Richmond Area Real Estate Association and Charlottesville Association of Realtors. Re/Max and the Better Business Bureau.
Education/Credentials
Real estate licensing and broker licensing courses as well as required and optional continuing education in my field.
Awards and Honors
Top producer awards from FAAR and Re/Max.
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