Money may have fallen into my lap.

I got a knock on my door this morning from a realtor. I’ve been getting letters and phone calls from realtors this entire year. So this is nothing new. At first I thought it was odd as hell, but now I know this is truly a sellers market. Affordable housing is becoming extinct in metro areas and single family affordable 3 bedroom homes are in demand.

Developers in Atlanta are only building $300k plus houses, which sucks for the average American. The cost of living is going up but wages are stagnant. Most people can’t afford a $300k house. They are looking to buy houses that cost less than $300k. The cost of materials has increased so much that developers aren’t wasting their time building affordable singe family homes anymore.

Well, you can imagine what all this means for people like me who are living in nice affordable singe family homes. It means MONEY! Thank you good old supply and demand!

For the most part I usually ignore all the phone calls, letters, and offers on my home, but this one caught my eye. The realtor told me she is looking for a 3 bedroom townhouse in my townhouse community for a businessowner who is relocating to the area to be closer to her son, who also lives in the community.

All of this sounded good, but it wasn’t anything I haven’t heard before. So, I was getting ready to politely tell her I’m not interested when she said the magic words, “The buyer wants to pay cash!”

I imagine the look on my face must have changed to something like this…

Yasss

There is nothing like getting a cash offer for a home. That means a 15 day closing. That means the buyer pays all closing cost.

If she likes the place I think I’m going to take the money and run.

I’ve already described my journey with homeownership and I can safely say the next time I buy a house it will be because of some life changing event like getting married or having kids. I hate my HOA with a burning passion.

The realtor even said I can possibly pay the buyer rent until I find a place or until she is ready to move to Georgia. That’s even better because it means I won’t have to rush out to find a new place to live.

The only downside I see to this offer is the reality that I’ll have to pay taxes on the capital gains I make from the sell. This is because I have owned the house for less than two years. Uncle Sam will take 15% and the state of Georgia will take 6%. If I wait to sell a year from now I won’t have to pay any taxes. So, the question becomes, is it worth the tax bill?

My answer is yes.

I believe any taxes I will owe will be offset by the mortgage interest I’ve paid this year. I get this money back when I file my taxes.

As far as I can tell this is a win/win. It’s a win for me….and it’s a win for the buyer who has a ready-made tenant until she makes the move to Georgia.

I guess we will see if this works out.