One thing about NYC is they are very good at collecting on tax.
Those costs should be considered in the business equation of purchasing this property. One of the risks of buying auctioned distressed properties is "cleaning up the title" or "title work", basically finding and paying all the liens that have been attached to the property.
Real estate ...
This post might be really dark and cynical, but these are the facts:
Some predictions state that between 40% and 70% of the world population will catch COVID-19 sooner or later.
The WHO estimates a mortality rate of about 3.4%
Mortality rates are much higher among older people
Home ownership is far more common among older people
This means that within one ...
It's unlikely that you would be able to have firm evidence of a sudden drop in price so rapidly. Reason for that is that the real estate market is a bit peculiar: Transactions take time to put together and it can take a long time for prices to adjust. The real estate market is not nearly as liquid as the stock market, international commodity markets or ...
Stocks dropping are telling you that the economy is hurting and so is demand for assets. Those are big negatives for real estate prices.
Usually when stocks drop the financial authorities cut rates which can have the follow-on effect of making long end rates lower, but rates are already very low so we won't get the typical tailwind to real estate prices ...
mostly with borrowed capital (around 80%)
This is too high in my opinion. There has been a period in history in Amsterdam when real house prices fell 80%, leaving only 20% (source). True, it happened over a period of 37 years (1778-1815). Shorter term crashes are usually more limited, easily leaving 50% of the house price value left. If you pay your loan ...
per one of the title insurance company
If you're considering refinancing your mortgage, you may be surprised
to see that you are required to purchase a new lender's policy of
title insurance. This is because a lender's policy only provides
coverage for the life of a loan. When a home is refinanced, the life
of one loan ends and another begins. ...
Yes, under limited circumstances. Per §6b EstG you don't have to tax the profits from the sale (Veräußerung) of a business asset, if:
the sold asset is land or a building or certain other assets
you held the sold asset for the last 6 years
you acquire an asset of the same type within 4–6 years (depends on the asset type)
and possibly other conditions
You're ignoring the fact that your brother derives value from living in the apartment. Fair to me in your situation would be:
Split costs as before
Split rent on the one unit as before.
And you get the majority of the rent on one of the units, as you used to get that value by living there. I'd say it's less than 100% of the unit's rent because it's likely ...
FSBO is harder than you think
Wow, you are new to this. The deal is that selling a house is a huge proposition, certainly the largest business deal an average person will ever do. This is a place where scammers and swindlers would run roughshod. Obviously, if citizens were losing their nest egg, that would have a very chilling effect on the real estate ...
I am not an agent, but I have both bought sold real estate dozens of times and wanted to share a few thoughts in response to your question and to add to the accepted answer:
... what should I pay the buyers agents - if anything? Is it an option to offer to pay a flat fee, similar to how you might pay a real estate attorney?
Yes, (at least in my state) ...