Home Selling in Holtsville>Question Details

Dpenna2, Home Buyer in West Palm Beach, FL

we are willing to just break even....

Asked by Dpenna2, West Palm Beach, FL Mon Jun 18, 2012

We owe approximately $325,000 on our home (Long Island, NY).... Our home is worth about 375,000. Our son/daughter-in-law are interested in buying it from us & we are willing to just break even.... How much can I tell them to expect the purchase price to be if we don't want to incur any out of pocket expenses/closing costs???

Thanks,
Denise & Tom

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Answers

4
Hi Denise and Tom,

Generally speaking, if there's no real estate fee involved, your cost of selling will include NYS transfer tax ($4.00 per thousand of sale price) , about $400.00 in title closing fees to handle your mortgage payoff, and your attorney's fee, which varies but is generally around $1,500.00
At the closing table, your son and daughter in law will have to reimburse you for any portion of real estate taxes you paid in advance through your mortgage payments.
Overall, if the base sale price is going to be $325,000, you should set the price at about $330k to make sure all bases are covered.
Hope this helps and good luck with the sale!
0 votes Thank Flag Link Tue Jun 19, 2012
Denise & Tom,

I sold one of my properties to my daughter and son-in-law, so I have been in your shoes. This is what I am suggesting. I would be happy to come out and do a market analysis for you with or without your son/daughter-in-law present (better if they are there) so you can have a real understanding of the current value of your house.

I may also be able to suggest to you some creativeness we employed when selling to our daughter.

There is no charge for this and no obligations. Real Estate is a service industry and I am happy to provide this service to you.

gail@GladstoneGroupRealty.com
631-425-6150
0 votes Thank Flag Link Mon Jun 18, 2012
Consult with your attorney, he/she can provide a good faith estimate of costs involved, then go from there...
0 votes Thank Flag Link Mon Jun 18, 2012
I can't tell you for sure because I'm not a real estate agent in NY but I would say maybe somewhere around $340,000 if there aren't any real estate agents involved. If you wait a few minutes or so I'm sure an agent from NY will answer this question for you in more detail and give you a better estimate.
0 votes Thank Flag Link Mon Jun 18, 2012
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