what is the buyer price and reason?

NEGOTIATION wORKSHOP LAKE DRIVE Buyer Confidential You were born and raised in the Milwaukee metropolitan area. After high school graduation, at age 18, you moved to sunny southern California with an eye toward bigger better things. You a ended college in southern California and eamed an undergraduate degree in political science. After a few years working for Congressman, you decided to go to law school and recently earned your law degree, however, you have not yet found the perfect job Your family of origin owns a long established and successful business in Milwaukee. The name of the business bears the family name, which is well known and well respected. Through the years, your family has encouraged you to move back to Milwaukee and assume a minent role in the family business. However, you have turned down their generous offers, because you had always envisioned running for public office in Califom Fortunately, your father encouraged you to purchase a house in southern California when you first moved there, rather than live in the dorms or an apartment while attending school. You bought a house for S200,000 nearly ten years ago. It is now worth over S600,000. You recently accepted an offer to purchase for S640,000, which is currently in escrow. Your selling costs plus commission are $40,000 and you will net S400,000 in proceeds from that sale You had expected to pay capital gains tax of nearly 33%, but a change in IRS Code S121 allows you to sell your primary residence of two years or more with no capital gains tax. You consider it a windfall and began dreaming about all the things you can do with S400,000. You know it will be difficult to obtain a mortgage loan for any additional money without a job. You also know that you should disclose to any seller that you have been unable to obtain a pre- approval for a loan. If you disclose that, however, you realize that you stand little chance of getting the property you want Meanwhile, in Milwaukee, the political climate has changed dramatically. Milwaukee has been long known as being conservative and has almost always re-elected incumbents. Former Mayor of Milwaukee, the late Henry Maier, served for over 30 years. Former Milwaukee County Executive William O'Donnell served nearly as long. Both men have become legends in Milwaukee's political landscape and even have lakefront parks named after them However, this year is different. The incumbent Mayor will probably be unseated and the County Executive recently retired early amidst pressure from a recall campaign against him In light of recent allegations of scandal in Milwaukee politics, you have decided to move back to Milwaukee to run for one of these two seats. If you win the Milwaukee Mayoral race, you must become a resident of the City of Milwaukee within 6 months, but you are better off