Home Buying in 33954>Question Details

Penni Lowery, Home Buyer in 33954

How much can I expect to pay in closing costs if I pay cash for a Fannie Mae foreclosure. This will NOT be an investment.

Asked by Penni Lowery, 33954 Thu Jun 27, 2013

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That will depend on several factors. First, are you under contract on this Fannie Mae property or just doing some early due diligence calculations? Second, are you being represented by an agent and or attorney? There are some other factors you want to consider as well when buying with cash.

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.
0 votes Thank Flag Link Sat Aug 10, 2013
Cash is king....... Usally about $800 in Ohio
0 votes Thank Flag Link Fri Aug 9, 2013
Good afternoon Penny, all good answers!

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Gulf Coast Realty Network
4002 Del Prado Blvd. S.
Cape Coral, FL 33904
Mobile 239.560.1574

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0 votes Thank Flag Link Thu Jun 27, 2013
Hi Penni,

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.

Jeanie Goldmann
RE/MAX Anchor
941-286-4173 Cell
0 votes Thank Flag Link Thu Jun 27, 2013
Hi Penni,
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:
Survey: $300
Inspections: $350
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.

Denise DeLoge
Keller Williams Peace River Partners
0 votes Thank Flag Link Thu Jun 27, 2013
Hello Penni,

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
0 votes Thank Flag Link Thu Jun 27, 2013
Go over your Estimated Cost sheet with your Realtor.
0 votes Thank Flag Link Thu Jun 27, 2013
Buying a home with cash can save you a lot of money. To achieve the outcome that you are seeking, it is crucial for you to have a Real estate attorney you can trust, to advice you and advocate on your behalf.

Closing costs will included title company costs, property taxes and attorney's fees.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Thu Jun 27, 2013
Can it save me substantial money on closing costs if I pay cash, or just mainly interest costs? This would be on a $100,000 purchase.
Flag Thu Jun 27, 2013
Ususally the bank pays for title. Without knowing how much you are paying I can't give you a figure on the closing costs. You would pay for recording of the deed, termite inspection, home inspection, wind mitigation report, homeowner insurance, proration of property taxes, proration of maintenance fees if there is a homeowner association, closing agency fees, and a survey if you want one. If it is in a flood zone you would need an elevation certificate. If the home was built 30 years ago or more you would also have to pay for a 4pt inspection for homeowner insurance.

Tammy Hayes, Realtor
RE/MAX Palm Realty
0 votes Thank Flag Link Thu Jun 27, 2013
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