Selling a coop

Hey Bstoner, I’m a homeowner in a coop in Brooklyn, it is the first residence I’ve ever purchased. I’m considering selling and wondered if anyone has any experience with how much that is going to cost. Let’s base this on a value of 650k, assuming I sell for that amount, what are the sellers closing costs, taxes, ect, I can expect? I realize this might be a better question for a lawyer or accountant but lets start here with the experienced. Thanks for your help and input. Have a nice day.

8104012

in Real Estate - Sales 10 years ago

5

Please log in, in order to post replies!

5 replies

Newest Oldest

deanbh | 9 years and 11 months ago

string(1) "1"
object(WP_User)#4939 (8) {
  ["data"]=>
  object(stdClass)#4928 (12) {
    ["ID"]=>
    string(5) "58589"
    ["user_login"]=>
    string(6) "deanbh"
    ["user_pass"]=>
    string(34) "$P$BFqLWIiGK/ir9Rk2VowKBnNIljQNp.0"
    ["user_nicename"]=>
    string(6) "deanbh"
    ["user_email"]=>
    string(17) "ml5@cognation.net"
    ["user_url"]=>
    string(26) "http:///www.collins.net.pr"
    ["user_registered"]=>
    string(19) "2010-07-04 01:21:41"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(6) "deanbh"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(58589)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

ever thought of trying to sell it yourself via Streeteasy?

resident2 | 10 years ago

string(1) "1"
object(WP_User)#4938 (8) {
  ["data"]=>
  object(stdClass)#4937 (12) {
    ["ID"]=>
    string(6) "181002"
    ["user_login"]=>
    string(9) "resident2"
    ["user_pass"]=>
    string(34) "$P$BYKCrEpDU34.3RJghRPk8/Xp1XpCve/"
    ["user_nicename"]=>
    string(9) "resident2"
    ["user_email"]=>
    string(21) "Jamanda1255@Yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:33"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "resident2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181002)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Does your co-op have a flip tax? The Brokers fee is typicaly 5-6% and be aware that the ones that only charge 4% do not co-broke and will not put any money into marketing (proffessional photographs, floor plans etc) if they do not co-broke you will not get a large part of the market. You will then have your attorney $1,500 – 2,000\. A few recording fees and co-op attorney fees to transfer the stock certificate etc. You do not have transfer taxes with a co-op and up to $250,000 profit is tax fee as a single person or $500,000 if you are a couple. If your building has a flip tax, that and the broker fee will be the biggest expenses. Choose a Broker that knows the building and the neighborhood and works full time in Real Estate.

8104012 | 10 years ago

string(1) "1"
object(WP_User)#4934 (8) {
  ["data"]=>
  object(stdClass)#4940 (12) {
    ["ID"]=>
    string(5) "44492"
    ["user_login"]=>
    string(7) "8104012"
    ["user_pass"]=>
    string(34) "$P$BCGP5rig6XzqTzpc34aJi5lZVaB.tm."
    ["user_nicename"]=>
    string(7) "8104012"
    ["user_email"]=>
    string(22) "clubsoda@earthlink.net"
    ["user_url"]=>
    string(22) "/forums/users/8104012/"
    ["user_registered"]=>
    string(19) "2017-08-10 13:34:58"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(7) "8104012"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(44492)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Amazing…Thank you!!

mtanski | 10 years ago

string(1) "1"
object(WP_User)#4939 (8) {
  ["data"]=>
  object(stdClass)#4941 (12) {
    ["ID"]=>
    string(6) "185792"
    ["user_login"]=>
    string(7) "mtanski"
    ["user_pass"]=>
    string(34) "$P$Bcf.Pek3D2Z7PNfBLGEfeGmKxKxQ3v1"
    ["user_nicename"]=>
    string(7) "mtanski"
    ["user_email"]=>
    string(17) "mtanski@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 13:29:00"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(7) "mtanski"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(185792)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

There’s a web form to help you calculate exactly this: http://www.realdirect.com/closing_calculator/ It’s pitching RealDirect, but the calculator is handy.

majorhints | 10 years ago

string(1) "1"
object(WP_User)#4940 (8) {
  ["data"]=>
  object(stdClass)#4938 (12) {
    ["ID"]=>
    string(6) "181321"
    ["user_login"]=>
    string(10) "majorhints"
    ["user_pass"]=>
    string(34) "$P$B/2W59IVbScQ3.goa5WkWC3gkQlbKm1"
    ["user_nicename"]=>
    string(10) "majorhints"
    ["user_email"]=>
    string(21) "wyldman47@hotmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:44"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "majorhints"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181321)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

You would generally assume 2-3% of sale price on a regular house, with a co-op its treated like an investment security so closing costs are usually less. Are you using a broker to sell it? What neighborhood is it in? If you need any recommendations let me know. Good luck!