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Bob Phillips
"Serving So. O.C., CA since 1976 - over 33 years!"
- 40 Helpful Answers
- 188 Answers
- 235 Blog posts
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Specialties:
Specializing in today's distressed properties situations, for both buyers and sellers. REOs, Lender owned, Short sales, Loan Modifications - I have expertise
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Certifications
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& Awards:
e-Pro designation.
Relocation designation and experience. ... show more
Relocation designation and experience. ... show more
Interests:
Music
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Movies ... show more
About:
This is my 33rd year - since 1976 - serving South Orange County, in Southern California!
I am well versed in residential properties of every type, in ... show more
I am well versed in residential properties of every type, in ... show more
Bob Phillips answered:
Hello Rossma,
You should ignore the first answer you've received, as the agent obviously didn't understand your question.
You all should submit this situation to either one attorney representing all of you, to facilitate such a transaction, OR, one attorney for the brother, and one attorney for you and your sister.
You also need to establish a present day value. One way to determine the value would be to hire an independant appraiser, or for you each to hire an appraiser and average the values they've arrived at.
The numbers you show - 6% and 2% are probably a tad too high, but there will probably still be transfer costs, which will include preferably an escrow, and a title policy.
In addition to an attorney(s) you should consult with a tax advisor, as the two of you may be exposing yourselves to a taxable short term gain.
Good luck in sorting things out to your mutual satisfaction.
You should ignore the first answer you've received, as the agent obviously didn't understand your question.
You all should submit this situation to either one attorney representing all of you, to facilitate such a transaction, OR, one attorney for the brother, and one attorney for you and your sister.
You also need to establish a present day value. One way to determine the value would be to hire an independant appraiser, or for you each to hire an appraiser and average the values they've arrived at.
The numbers you show - 6% and 2% are probably a tad too high, but there will probably still be transfer costs, which will include preferably an escrow, and a title policy.
In addition to an attorney(s) you should consult with a tax advisor, as the two of you may be exposing yourselves to a taxable short term gain.
Good luck in sorting things out to your mutual satisfaction.
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