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Financial Planning - Financial planning in general. (Moderated)
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Posted by cporro on October 1, 2008, 4:16 am
my sister told me she needs to pay a 7% tax on top of 15k closing to
sell her home? the grand total is about 35k on a 300k sale. is this
fishy? i tried searching for this 7% tax and couldn't find anything.
anyone have an idea? seems absurd. its like 12%, and she can't come up
with it to sell.
on another note, anyone have an idea for her? she is renting at
present at a loss to cover the mortgage.
please, no lectures on fiscal responsibility, i almost made her cry
today with mine.
thanks.
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Posted by on October 1, 2008, 10:32 am
> my sister told me she needs to pay a 7% tax on top of 15k closing to
> sell her home? the grand total is about 35k on a 300k sale. is this
> fishy? i tried searching for this 7% tax and couldn't find anything.
Perhaps she needs the broker's commission? That's usually on the
order of 6%, though it may be negotiable, or even avoided if one
doesn't use a broker.
If that's the case I have no idea where that $15k is coming
from - most of the rest of "closing" costs are borne by the
buyer. Is she upside-down on the loan (ie. does she owe
more than the house is worth? If that's the case, she
needs to come up with the difference to pay off that
mortgage, too. That's the only thing I can think of which
could come out to more than a percent or two on top of
the broker's commission).
There have been, at different times and in different parts
of the country, real estate transfer taxes. Not every
locality has them, and such taxes are typically more
like one half of one percent.
The transaction costs for real estate are outrageously
high, but generally not as high as what you're suggesting.
Something's fishy in your numbers. Even with a full service
broker, if he or she were paid 7%, the rest of the costs
shouldn't add up to more than another percent or two.
--
Plain Bread alone for e-mail, thanks. The rest gets trashed.
No HTML in E-Mail! -- http://www.expita.com/nomime.html
Are you posting responses that are easy for others to follow?
http://www.greenend.org.uk/rjk/2000/06/14/quoting
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Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
Newsgroup.
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Posted by Elle on October 1, 2008, 11:51 am
> my sister told me she needs to pay a 7% tax on top of 15k
> closing to
> sell her home? the grand total is about 35k on a 300k
> sale. is this
> fishy? i tried searching for this 7% tax and couldn't find
> anything.
It is customary (and possibly required by law where you are)
for the realtor to break down all the costs to the seller
and present them in writing to the seller.
I can say that the transaction costs for a home sale I am
considering are about 7.5%. Five points of this is the
realtor's commission.
Taking your words literally, I have doubts there is a 7% tax
on a home sale in Texas or anywhere.
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Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
Newsgroup.
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Posted by on October 1, 2008, 11:51 am
> is there a place to put money that isn't a bubble?
How long can you leave the money invested?
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Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
Newsgroup.
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Posted by on October 1, 2008, 11:51 am
> my sister told me she needs to pay a 7% tax on top of 15k
> closing to
> sell her home? the grand total is about 35k on a 300k
> sale. is this
> fishy? i tried searching for this 7% tax and couldn't find
> anything.
It is customary (and possibly required by law where you are)
for the realtor to break down all the costs and present them in
writing to the seller.
I can say that the transaction costs for a home sale I am
considering are about 7.5%. Five points of this is the
realtor's commission.
Taking your words literally, I have doubts there is a 7% tax
on a home sale in Texas or anywhere.
--------------------------------------
Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
Newsgroup.
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