Please explain how you get paid by the buyer's bank when you sell your co-op if you still owe 50% of the mortgage.

Asked by brittbell01, Queens, NY Thu Jan 3, 2013

Do you make back your down payment and mortgage payments after the flip tax is subtracted?

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4
Victoria Pop…, Agent, Bayside, NY
Fri Jan 4, 2013
At closing, the buyer (or the buyer's lender) pays you the price you agreed on. From that amount you (the seller) pay off the balance on your mortgage, pay your attorney's fee, pay the real estate commission and pay taxes. What you are left with should be more than your down payment if the market value of the co-op increased since you purchased it. As for making back what you paid into your mortgage depends on how much the co-op value increased...
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Jan 4, 2013
Not sure the question is understood--generally commission is paid by the seller and paid at closing out of the proceeds of the sale; ask your agent and or attorney for any necessary clarifications...
0 votes
De Vonte Wil…, Agent, East Point, GA
Fri Jan 4, 2013
I am not understanding your question. Are you talking about how are Agents compensated?
0 votes
John Pinard, Agent, Rosedale, NY
Thu Jan 3, 2013
What was the price of the coop, and the down payment amount? What's the flip tax rate?
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