I have a 3 bedroom/2 bath home for sale in the Renton,Wash. area. Last year( 2010) , it was appraised at 235,000. I am currently selling it at 204,500. I have held an open house, advertised on the internet , listed with an agent and we have gotten very little repsonse. Is this a bad time to sell? We need to get a bigger house as we have new family members and we need to sell this one first. Does anyone have any ideas? The house was completely redone and is a turn-key house. We added a master bath and another bedroom in 2010. Help as I am pulling my hair out with what to do..
by surprise truck
Took a year to close out estate, finally sold home. Have already divided money, CD’s Ira . I was told up to five percent, that it depended on money coming in and going out. I live in Alabama.
Total estate comes to 278,947.92.
178,947.72 has been divided Can I leagally take 2.5% of total estate from top of the $ 100,000.00 sell of house?
Hi, I was wondering if I sell my home after I pay all the interest will I get a profit if the home selling price is more than what it was worth when i purchased the home or will the bank get the profit? Please advise, thank you.
Hi,
Your state determines the maximum allowed but 5% is normal for the 1st 200k of an estate, plus any expenses incurred. The 5% is taxable income to you. One year is excellent timing, most take 18 – 24 months.
Additional Info:
Fees are normally based on the value of the estate, not just the house.
up to $ 200,000.00 =5%
amount over 200k 3.5%
On the 278,947.00 You can charge the estate $ 12,763.00 as executrix fees.
if you pay all the interest, the house belongs to you and you can dispose of it as you wish. Meaning all your profits will be yours!
Very simply put; call your bank and find out how much is left to pay your home off. The money you keep is whatever is left after paying the loan.
Example:
Amount to pay on loan is $ 100,000.
You sell the home for $ 150,000.
The bank gets $ 100,000 and you get $ 50,000.
You must sell the house for enough money to pay off the mortgage. (what you owe the bank) If you sell the house for less than what you owe on the mortgage (loan) you’ll have to pay the bank the rest of the “shortfall” out of your own pocket. The mortgage is made up of two parts – the Principal and the interest on the principal. When you buy a house for 100,000 – and you have mortgage – the interest rate may be 6% and the loan may be for 30 years. That doesn’t mean that you can pay the bank (mortgage) 106,000 and own the property – because that interest is Amortized for 30 years.
YOU get all the profit (after you pay any “Capital gains taxes” if it is your second, third or umpteeth house…you won’t owe any on sale of your first house)…Wooohooo!