Real NEastate: Can I make enough on my Somerton twin to pay off my father’s mortgage?

Q: My father died and left his Feasterville  house to me. My father died owing more than $200,000 so I would need to have that to pa yoff his mortgage, outstanding bills and such… so I’d have to sell it. I am trying to decide whether to sell my house in Somerton (to pay off his mortgage) and move into his home or keep mine and sell his. Do you think I could clear enough on the sale of my twin?

A: There are 45 twins currently for sale in Somerton with an average asking price of $219,000. There are an additional 12 twins pending today with an average price of $190,000 and 30 recently sold with an average price of $192,000.

There’s no way to tell how much you can clear until you either have your property appraised or you can get a few opinions of some local real estate agents, and either would just be an estimate. You still need to find a buyer willing to pay what you ask. Also, how much you clear will depend on your closing costs: transfer tax, city certification, any mortgage payoffs, commission, etc.

Twins have sold as low as $140,000 in recent months, but there are twins that have fetched upward of $235,000, and one even went for $250,000. How much you will be able to get for your twin depends on the square footage, how many bedrooms and bathrooms there are, and the condition of the property.

While you pursue the market value of your home, make sure to also check the market value of your father’s home in Feasterville so you can get a clear picture of the swap you are making.

Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others hereRead other NEast Philly columns here.

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