Rarasin, Home Seller in Cypress Hills, Brook...

If you sell a house for 600,000 in Brooklyn, NY with a 3% RE fee, how much will you walk away with? Assuming all taxes, approx lawyer fees, etc, etc.

Asked by Rarasin, Cypress Hills, Brooklyn, NY Wed Apr 21, 2010

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Dear Rarasin:

Take a look at my Brooklyn Real Estate Info Blog entry titled "I'm Selling my Home in Brooklyn What Type of Closing Costs Will I Incur." Click on the link below to read it:
http://www.homegain.com/blogs/mitchellsfeldman-507663/Im-sel…

Do you already have a buyer for your property? If it is not already sold I would like to find out more about it, I may have a buyer for you! Contact me at anytime and good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Apr 21, 2010
If the brokerage fee is 3% that would leave you with $585,000 then there is the city and state taxes which are
1.425% to NYC and $4 per $1000 to the state.

After that there is your water tax,existing mortgage must be paid and the lawyer fee average is is around $1200. Add in the moving van and that is approximately it. If I can help you in any way do not hesitate to call 718 253-9600 ext 206 or email charlesdalessandro@fillmore.com. For a free publication on Buying or Selling your home go to the link below .
0 votes Thank Flag Link Wed Apr 21, 2010
If you have paid your quarterly taxes, you will not have to pay any taxes, and you may even get an adjustment back from your buyer for the period from when you close until the end of the quarter. However, you will have to give the buyer a $500 property disclosure credit. If your home is heated by oil, the buyer will also pay you back for the oil remaining in your tank.
The transfer taxes will be 1.825% between NY State and city, plus a filing fee, so you can deduct another $12,000 to be on the safe side. If you have loans to pay off, count another $250 per loan for a pick-up fee from the title closer. You are responsible for hiring your own lawyer, so ask what they will charge, but you can figure on around $1,500. So, if you think $50,000 and it will be closer to $30,000, you will be very happy.
0 votes Thank Flag Link Wed Apr 21, 2010
Initially your commission due would be $18,000. Then you would have to deduct closing costs & lawyers fees & taxes wich usually range anywhere from. 2-5%. A conservative total would be approximately $50,000 total again depending on those other factors such as mortgage position, property taxes, water bills... So your looking at about $550,000
0 votes Thank Flag Link Wed Apr 21, 2010
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