Posted by Frank on October 25, 2003 at 21:11:42:
50% transfer tax to buy a house???
i’ve never heard of that anywhere on this board or anywhere else?
is this common? anyone else care to comment?
i’ve done a few deals before (sub2) and although i’m fairly new, i’ve talked to alot of other investors and this is new to me.
can you expand further on this?
thanks for the advice
Help w/ this deal - Posted by Frank
Posted by Frank on October 25, 2003 at 11:14:02:
-appraisal done 165K
-3br/2.5 ba in nice neighborhood in up and coming town
property also includes 1br bungalow w/ ba/LR/DR/Kit that WAS NOT included in appraisal price
-house is rented and bungalow are rented (different tennents)
-rent presently collected= $800
-owner willing to l/o w/ 8k down for 12months w/ purchase price of 165K (purchase w/ include bungalow)
Owner is motivated because he is an investor who takes preforeclosures and has made alot of money on the deal already, he claims he’s not willing to take less than 8k option money up front because he needs it to go on to the next one.
ANY IDEAS ON WHERE TO COME UP W/ THE 8K OR GENERAL IDEAS ON GOOD DEAL/BAD DEAL?
Re: Help w/ this deal - Posted by Rick in Erie
Posted by Rick in Erie on October 26, 2003 at 11:54:20:
generally transfer tax is paid 50% buyer 50% seller----this is very common----as in almost all real estate sales are done that way—here in PA the tax is 2%----ganerally 1% seller, 1% buyer----unless buyer or seller puts in contract that the other party is to pay the entire tax
Re: Help w/ this deal - Posted by Doug K
Posted by Doug K on October 25, 2003 at 11:33:31:
This is not a deal. The most I’ve ever paid was 50% of the transfer tax (deed stamps) to buy a house. It’s nearly impossible to get a good deal from a fellow investor.
In every other case, the seller has PAID ME to buy their house.