Home Buying in Black Rock>Question Details

Graham Evans, Home Buyer in Outside U.S.

Does anyone know the costs of search & survey costs?im buying a bank foreclosure and been told its £1000

Asked by Graham Evans, Outside U.S. Fri Mar 6, 2009

The house is a 3 bedroom single family house costing $10000 and is a bank foreclosure in buffalo new york, is it correct the buyer has to pay this?

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The prices generally vary, but a new Title Search and Survey in the WNY area run from 1,000-2,200 from what I've seen. So the number you received seems be on the low end of what I would expect.
0 votes Thank Flag Link Wed Mar 26, 2014
Hi Graham. Typically the seller pays for the search and survey but with foreclosures the buyer usually has to pay for these - banks won't pay any closing costs. Figure anywhere from $750-1000 for the search and survey, depending on how much work is involved in updating or creating the title abstract. You may not need a survey if you're paying cash - that will save you $400-600. You'll also need to hire an attorney to handle this which will be $500-600. And you'll have to pay the transfer tax which would be $90 on a $10K purchase. Good luck to you!
0 votes Thank Flag Link Fri Mar 21, 2014
And there's the cost of the title insurance as well - not required if you're paying cash but highly recommended.
Flag Fri Mar 21, 2014
Are you getting a mortgage?
Figure about $2,000 to re-create a title search, title insurance and survey.
0 votes Thank Flag Link Fri Mar 6, 2009
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