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Old 08-30-2012, 10:26 AM
 
2,982 posts, read 4,154,750 times
Reputation: 1654

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I'm selling my condo for 220k since I will be moving. I owe 196k on it.

I'm selling to an investor in my building (we are located in VA) and at first he said he was going to pay 100% cash for it, but recently he told me he was going to finance the condo. (Not sure how much he is putting down)

Anyways, we didn't use a realtor so that should save us on some of the costs. As the seller, what should I expect to pay at closing? I know this is going to be hard to give an exact number, I'm looking for a ballpark figure. I'm hoping not any more than 2k since there is no 6% commission.

I think my annual taxes are around 1,900.

Thanks for your help!
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Old 08-30-2012, 11:19 AM
 
Location: The Triad (NC)
31,825 posts, read 72,891,019 times
Reputation: 38580
Quote:
Originally Posted by GMUAlum08 View Post
I'm selling to an investor in my building (we are located in VA) and at first he said...
Do you have a contract? Do you have a lawyer?

Quote:
...we didn't use a realtor so that should save us on some of the costs.
Do you have a contract? Do you have a lawyer?

Quote:
As the seller, what should I expect to pay at closing?
Do you have a contract? Do you have a lawyer?
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Old 08-30-2012, 11:28 AM
 
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we are going to put the sales contract in place tonight. no i don't have a lawyer
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Old 08-30-2012, 11:58 AM
 
Location: BNA -> HSV
1,977 posts, read 3,834,663 times
Reputation: 1519
Quote:
Originally Posted by GMUAlum08 View Post
we are going to put the sales contract in place tonight. no i don't have a lawyer
You may want to think about getting one...this could be more of a nightmare since condo associations are likely involved.
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Old 08-30-2012, 12:09 PM
 
2,982 posts, read 4,154,750 times
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Originally Posted by bmrisko View Post
You may want to think about getting one...this could be more of a nightmare since condo associations are likely involved.
i don't think I'm going to lawyer up. the guy buying my place owns 4 other units in the building and is a friend of mine so he knows the ropes on how this works.

I just want to get an estimate on how much I should expect to pay and what a seller is normally responsible for paying.
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Old 08-30-2012, 12:09 PM
 
Location: The Triad (NC)
31,825 posts, read 72,891,019 times
Reputation: 38580
Quote:
Originally Posted by GMUAlum08 View Post
we are going to put the sales contract in place tonight. no i don't have a lawyer
get one BEFORE you sign anything.
take the UNSIGNED contract with you when you meet
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Old 08-30-2012, 12:20 PM
 
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maybe i will get an attorney to look over it first. ugh i was hoping to avoid that
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Old 08-30-2012, 01:54 PM
 
Location: El Dorado Hills, CA
3,724 posts, read 9,216,579 times
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Don't avoid it. You don't have anyone representing your best interests. The lawyer will.
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Old 08-30-2012, 02:06 PM
 
Location: BNA -> HSV
1,977 posts, read 3,834,663 times
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Quote:
Originally Posted by GMUAlum08 View Post
i don't think I'm going to lawyer up. the guy buying my place owns 4 other units in the building and is a friend of mine so he knows the ropes on how this works.
A lot of Bernie Madoff's clients who lost a lot of money because of him were also his friends at one point...
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Old 08-30-2012, 02:19 PM
 
Location: Lexington, SC
4,281 posts, read 11,730,050 times
Reputation: 3742
Quote:
Originally Posted by GMUAlum08 View Post
maybe i will get an attorney to look over it first. ugh i was hoping to avoid that

Just tell him that with it being an association you really do not trust the association so you need your lawyer to give the deal a blessing.
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