All Forum Posts by: Mark Fedorov

ask an agent who has a subscription.

It depends what you mean as "commercial". If you mean it will be a 5-10 year balloon payment mortgage about 1/2point higher than a residential., then no that is not necessary. By Commercial if they mean they will have to review it as a income producing properity, but you can still get it as a 30 year mortgage (in your name), then yeah... that does not matter, it is their internal paperwork.

Figure out what they mean, and while you are waiting, visit other banks.

If they are deceased, the owner is then the legal entity that is their estate.

Go though the county probate court to find out who is in charge of that estate.

You need a different CPA.. he want you to change your legal structure so "financial reporting" is less of a headache... financial reporting is what you are paying him to do for you..

Two other points:

I am sure that the bank will not care who is on the LLC if your wife co-signs the loan.

The point of an LLC is liability protection, it does not matter if it is sole member or multi, as long as you keep it separate you are ok

Third bonus point: if you file jointly, the change will not effect your taxes.

Contracts for what? Purchase, Leases, contractors?

I am not a lawyer or a CPA, however I would say no, here is my logic:

The father passes in Columbia, so Columbia's inheritance (or estate) laws would be in effect, and the transfer of the property from he father to her would take place in Columbia. So, if on 2/21/17 the property was put in her name and it had a value of $40K and on 3/21/17 she sold it for $40K, she would have no profit on the sale. she should then note that on her US 1040, and then she can bank transfer that to her US bank. The US would not charge her to move her money to the US, and they would only charge her tax on the profits on the sale (as cap gains) but there will not be any gains.

Now; Columbia law.. no clue what they will do.

Really... talk to a lawyer,

Every bank would be different, I would think that a small local bank would work with you on this, you should call them and talk to them about your plan.

I think that if you buy it from the sheriff, the mortgage would still be due, and you would have to pay it, however some sheriff auctions are different, it depends on WHY the sheriff is auctioning it (unpaid tax or unpaid mortgage) Give them a call, you will be amazed how helpful a county employee can be if you are polite to them.

Two points: You need to talk to your company HR person and it matters if you want to do this legally or not.

Most companies allow you to withdraw some % (50ish) out as a loan but you have to pay that back.

You could claim "hardship" and withdraw it all with a 10% (I think) penality.

You can withdraw it all, and if you are leaving the country, ignore the tax bill.. you will just have trouble coming back. ( like if your kids want to go to college here)

Or you can just leave it and have it sit as an investment for the next 19.5 years and then pull it out.

You should not care. 

You should put a tight schedule on them putting the financing commitment in place, and have a non-refundable deposit if they stretch that out too long, but you should not care what they are doing with it. 

Now that I think about it, I can not think of a single question I would ask a BUYER, with the exception of: prove you can buy it, and when do we close.

Their business does not matter to me.