If I sell a house in Brooklyn NY for 900,000 and pay off the balance of the mortgage of 211,000 and back taxes of 25,000 what will I walk away with

Asked by Vinny, Crown Heights, Brooklyn, NY Wed Mar 7, 2012

Consider attorney and RE agent fees

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5
Fajardo Dela…, Agent, Flushing, NY
Tue Aug 27, 2013
I would love sit down and go over your situation.
Fajardo Delacruz
347 932-0609
0 votes
Fajardo Dela…, Agent, Flushing, NY
Wed Mar 7, 2012
Vinny
I would have to look closer into it.I would love to have more Homes
in my inventory for sale. I just need a few seconds to sit with you and discuses
a plan that will work for both of us. Please just give me a call as soon as you can.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes
Edith Karoli…, Agent, Winnetka, IL
Wed Mar 7, 2012
You got some good detailed response below, but here is my question to you, why are you not working with an experienced local Realtor in your area who will be able to consider all the numbers with you and in cooperation with your current lender to figure out your actual net to seller..... it may vary somewhat but you should come up with their help with a relatively reasonalby correct number.... and then what, once you know what your net to seller might be, what do you intend to do then....

I think you should really consider all the pieces and also not just the numbers....
These decisions are complicated and you should consider all point before moving forward....
Sincerely yours,
Edith yourRealtor4Life and Chicago and North Shore and N. and NW Illinois Expert
Working always in the very BEST interest of her clients
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Wed Mar 7, 2012
Dear Vinny:

Assuming this is a one family home in Brooklyn and your primary residence, your closing costs as a home seller will be as follows based on a $900,000.00 sales price:

1) Real estate commission. If there is a real estate agent involved in the sale you will have to pay them whatever commission you negotiated with them at the start.

2) You will have to pay New York City Transfer tax, on $900,000 that would be 1.425% or $12,825.00

3) Then you have New York State Transfer tax which would be 0.4% or $3,600.00

4) Most likely you will also have to pay a property condition disclosure law fee, which is a flat fee for $500.00

5) You will also have to pay your attorney, a good ball-park estimate would be $2,000.00 for a straight forward sale.

6) Capital gains taxes. This is tax that you pay of the profit you make on the sale. Assuming this is your primary residence, a single individual gets a $250,000 exemption and a married couple gets a $500,000 exemption. That means that the first $250,000 to $500,000 of profit will be tax free. It can be difficult to figure you whether or not you will have a capital gains tax burden because several factors come into play, you need to discuss this with your accountant. If you want you can call me and I can will go through it with you in more detail.

7) Then after that you would have to pay off any mortgage lien or debt attached to the property as you had mentioned in your question.

8) You may also incur some other incedentals depending on the circumstances, but that would be determined on a case by case basis.

If you need help selling your home, please call me as I would love the opportunity to help you. Also, if you have further questions, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Jack Menashe, Agent, Brooklyn, NY
Wed Mar 7, 2012
Usually there is a 2% tax after the 1st 500k if I remember correctly....
0 votes
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