Home Buying in Huntley>Question Details

Abigail Buss…, Home Buyer in Oak Park, IL

How much are closing costs "typically" on a cash purchase?

Asked by Abigail Bussard, Oak Park, IL Thu Sep 12, 2013

Hi,

I know that there is no way of knowing "for sure" and no one will ultimately give me an answer with 100% certainty - but how much can I expect to pay for closing costs on a home purchase that is $60000 in Illinois? The taxes are $3200 a year and there is an annual assessment of $350 for the neighborhood. I want to close at the end of October if possible. Are there agents who will do a lower priced home? Can someone give me an "estimate" for what the closing costs might be (i.e. will it be $1000, 2000, 3000, 4000, etc.?)

Thanks,
Ally

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Please provide more information with details so we can give you an estimate.
Your savings would be limited to lender fees not incured.
1 vote Thank Flag Link Thu Sep 12, 2013
you can ask your attorney for specifically what to expect for your transaction. I'd say it is going to be $1,000 to $2,000 in closing costs, and then you get a credit for the 2013 real estate taxes.
attorneys usually charge $400-$600 for a real estate closing. or ask your buyer's agent.
I sympathize, it can be tough to find an agent that works in the lower price ranges. try to find an agent that is located very close to where you want to purchase a home, so they don't have a lot of travel time involved working with you (and they are very familiar with the local market).
I like working with cash buyers (no lenders to fight with!). if you are looking in or around Crete you can give me a call. I work with a lot of investors.
caveat, if the purchase price gets so low that my commission is really small, I ask my buyers to agree to a minimum commission. If the seller doesn't pay my minimum, the buyer makes up the difference. This way I am fine working with investors looking at $25,000 to $50,000 properties even though the seller is only offering $500 in cooperating commission.
0 votes Thank Flag Link Sun Sep 15, 2013
Good morning Ally,

I willing to help you to find a home of your dreams. I like all my clients, doesn't matter to me what home they purchase.

I'm thinking closing costs for a $60,000.00 home will be approximately $1750.00.

Please give me a call at 847-902-9084.

Have a wonderful day!

Lynda Steidinger
Prudential First Realty
0 votes Thank Flag Link Thu Sep 12, 2013
It may be around $1,500--$1,999 and then you get credit from the seller for all of 2013 taxes to date of closing. Foreclosures with associations can be more.
Most agents are happy to help on any priced home.
0 votes Thank Flag Link Thu Sep 12, 2013
No one here can answer with 100% certainty. Because a cash purchase has many options only YOU can select. There are set fees from your closer or lawyer or title company - whichever you use. A deed must be made and a lawyer needs to do that so we don't know what they will charge you. You can decide to have options like survey, inspections, title insurance and there will be recording fees. I doubt the CC would be more than 2 thousand at the most if you get all options.
0 votes Thank Flag Link Thu Sep 12, 2013
Someone should be willing to assist you.... hopefully someone here will offer their services quickly. If not, email me, I might know an agent in your area.

An agent in your area, or a settlement company, will going to be the best ones to help you estimate the closing costs for a cash sale, since it's going to be mostly your settlement fees and taxes.

If you can't find an agent to assist you, contact a local settlement company - I bet they can refer an agent to assist you.
0 votes Thank Flag Link Thu Sep 12, 2013
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