Foreclosure in Fairfax>Question Details

Podizm, Both Buyer and Seller in Baltimore, MD

how much would be closing cost if we got a house from courthouse auction in fairfax,va? does it go by percentage?

Asked by Podizm, Baltimore, MD Wed Aug 11, 2010

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are you getting a loan or are you paying cash for the transaction? If paying cash contact a title company and they will give you a good estimate. If you are getting a loan contact your loan officer and he will give you a good faith estimate that does not change per the 2010 RESPA changes. Hope that helps. There is no way anyone here could give you an estimate.
1 vote Thank Flag Link Wed Aug 11, 2010
You can estimate them to be roughly 10% provided an agent is involved, and 4% otherwise. It's also possible for you to negotiate a lower amount, but keep in mind that many of the fees are set by parties other than the title company.
0 votes Thank Flag Link Wed Aug 11, 2010
I would suggest contacting a good quality title company as fees and service vary. If you need a good quality title company pop me an e-mail and I will forward it to you. There is much to learn in the auction world!

have a great day!

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Erik@AskMeAboutHomes.com
0 votes Thank Flag Link Wed Aug 11, 2010
Hi Podizm - as mentioned by others, the person who will be able to answer your question exactly is the title company handling your transaction.

If you want owner's title insurance, you would pay for that at closing. There are taxes from the state and county when you buy a home. You won't have to pay HOA prior to the date of sale but there may be some pre-paid HOA amounts on your HUD-1. There will be some charges from the title company to handle the closing, and there may be property taxes that you pay starting with the closing date through to the next billing date. If you want a survey, you can order it as part of this process and have the cost be part of your closing costs as well.

Thanks,
Sonal
0 votes Thank Flag Link Wed Aug 11, 2010
I'd also be happy to run some numbers for you. You costs will be reduced since you're paying cash. Feel free to email me with the sales price and closing date.
Web Reference: http://www.jimmccowan.com
0 votes Thank Flag Link Wed Aug 11, 2010
Hello Podizm,
That depends on the sales price of the transaction. The closing costs will include title insurance for the lender if there is a loan and the owner (if you want owners insurance). The costs will also include recordation taxes, possibly a survey and a settlement fee. I am a settlement agent with a local title company in Fairfax Virginia and can provide you with a detailed quote if you let me know the sales price. It hinges on that and the other variables which I mentioned above (loan or no loan basically)......hope that helps....John/ATG Title
0 votes Thank Flag Link Wed Aug 11, 2010
Hello Podizm,
Welcome to the auction world~

you could talk to the title company you are using and they should be happy to answer the question. Their is the calculation for the state tax and and the county tax. However for the title company charges, real estate tax, and HOA fees, you would have to talk to the title company.
Web Reference: http://www.home1on1.com
0 votes Thank Flag Link Wed Aug 11, 2010
Here is how it works in Texas, San Antonio that is. Whether is Foreclosure or Tax Sale at the court house steps, there are no closing cost. What you bid is what you pay. That simple. I know there Are different laws in different states. If you want a foreclosure you may consider San Antonio!
0 votes Thank Flag Link Wed Aug 11, 2010
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