Typically one can expect attorney fees and transfer fees and recording fees as well as title insurance fees and misc agent fees if there are any you are responsible for.
If you are not working with anyone else I would love to answer all of your questions and help streamline the search process for you. I go beyond the conventional expectations of my customers by educating you on the current market conditions, locating the perfect property that fits your needs, negotiating the best deal possible and protecting your interests every step of the way. Call me and lets talk about how I can help you find a house you will love.
Terence Trombetti â€¢ RealtorÂ®
Gulf Coast Realty Network
4002 Del Prado Blvd. S.
Cape Coral, FL 33904
*Contact me for a current list of active properties that fit your needs. Conventional, foreclosure and short sales. All properties I send come directly from the Realtor's MLS system and therefore are real-time current information, only active and available homes.
See my customer testimonials here:
The main difference between purchasing a Fannie Mae or Freddie Mac home versus another home is that if you decide to have the Seller pay title and choose the closing company you still receive a large closing fee. If you check the box that Buyer will pay Title and choose the closing company, you pay a local closing company a fee ( $250.00 for a cash transaction in the Port Charlotte area compared to up to $800.00 for some Fannie Mae Title Companies) , but you will then have to pay the title insurance. Either way as mentioned in the other answers, you will be paying the doc stamps and a rekey fee. Depending on the price of the home, it still might save you money to choose to pay closing and choose the closing company.
Please feel free to call me and discuss all your questions in detail.
I am in the process of closing on a Fannie Mae foreclosure, my customer is paying cash, and the property is not an investment. The costs mentioned below are pretty standard expenses. You will need to add wiring fee's and overnight mail fee's (could be as much as $150 total for both) if the Fannie Mae closing company or attorney is not local. Settlement or Closing Fee's can be a bit pricey, our closing agent added $500 for a "closing fee".
Overall, paying cash was a big saving for my customer over the closing costs with a mortgage. The inspections and survey (not required, but we always strongly recommend them) were appx. $650 and the "closing costs" that included doc stamps (Fannie Mae requires the buyer to pay these, which are .007 times the selling price). You will receive credit for prorated real estate taxes to the date of closing. For Example:
Cost of Fannie Mae Property: $118,000
Estimated Closing Costs:
Doc Stamps: $826 (Fannie Mae requires buyers to pay)
Closing costs for Approved Fannie Mae closing agent: $800
Rekey Fee (required on all Fannie Mae properties): $59
Recording Fee: $10
Overnight Mail: $60
The "closing costs" in this example are $2405 but keep in mind, credits for property taxes will reduce this figure.
These are appx costs, but the HUD Statement you receive prior to closing will show you everything you need to know and the exact amount of funds required to close. You will review this with your real estate agent and if you have any questions they will be able to provide the answers.
Keller Williams Peace River Partners
Compared to financing, you are going to save a lot on the amount you pay in closing costs. Typically the Bank will pay for Title Insurance, but they will require you to pay the Doc Stamps on the Deed which you can calculate 0.70 per $100. So for instance on a $100,000 home, doc stamps would be $700. There will also be a closing fee. In addition you would be responsible for home inspection(s), insurance, survey if you wanted one, and depending on age of home a 4 point inspection for insurance purposes.
Penni, contact me if you would like to get a more accurate figures and information you Need to know about buying a Foreclosure.
Wendy Dowling, IRES, Realtor
Coldwell Banker Residential RE
941 204 0497
Closing costs will included title company costs, property taxes and attorney's fees.
Best of Luck,
Tammy Hayes, Realtor
RE/MAX Palm Realty