Home Buying in 48180>Question Details

Patti Ogden, Home Buyer in Taylor, MI

How much is closing costs usually on a home thats 40k?

Asked by Patti Ogden, Taylor, MI Fri May 10, 2013

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7
Closing costs will vary, Assuming you are obtaining a mortgage and not including the deposit lenders will require (Usually around 10% for a primary residence and 20% for a investment property) closing costs should be around $1750 - $2250.

Keep in mind while the market is getting better it is still a buyers market in most areas of MI and asking the seller to pay at least some of the closing costs is very common.

One more point I think is important regarding closing in general that is very important is make sure you PERSONALLY REVIEW THE HUD STATEMENT. You should request this as soon as a closing date is set and the title company should be able to furnish it to you at least 24 hours before the closing is to take place. If there are charges you do not recognize or understand ask your agent / broker / or the title company representative handling the closing. If you see BS charges tacked on by the title company that you were not made aware of prior to receiving the statement question them. Many times they will remove them or at least comp some of them. Also be on the lookout for errors regarding any deposits or ernest money you have already deposited. Remember the real estate transaction consists of a lot of moving parts and unfortunately mistakes in this area are common. Good luck with your purchase and if you have any further questions regarding closing or the transaction process please feel free to email me brandon@advanceproperty.net
1 vote Thank Flag Link Thu Jun 20, 2013
If you are obtaining a mortgage and if you are truly speaking Closing Costs you'd be looking around $2,000.
1 vote Thank Flag Link Sat May 11, 2013
Closing costs will vary, Assuming you are obtaining a mortgage and not including the deposit lenders will require (Usually around 10% for a primary residence and 20% for a investment property) closing costs should be around $1750 - $2250.
advancewindowsanddoors.com
0 votes Thank Flag Link Thu Jun 20, 2013
Patti,

Good Evening!

It depends on how you're purchasing. If your getting a mortgage there are more costs then if you're paying cash. I would need more information before I could begin to guess. These are some on the costs involved.

Reimbursement of pre-paid property taxes and If mortgaging setting up your escrows.
Title Insurance
Closing Fee
Recording fees

Good Luck,


Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Fri May 10, 2013
Patti,

It totally depends on the type of mortgage, how much the taxes and insurance. You can negate some of the cost by asking for seller concessions as part of the deal. Up to 6% of the price of the home if the seller is willing to offer them! Please feel free to contact if you have any other questions,

Thanks!

Greg White
Principal Broker
Imagine Home Realty
313-456-9898
gwhite@imaginehomerealty.com
0 votes Thank Flag Link Fri May 10, 2013
Are you paying title? Are you paying any closing costs for the buyer? It depends on your contract...
0 votes Thank Flag Link Fri May 10, 2013
Usually around 6 to 7 percent of the cost of home
0 votes Thank Flag Link Fri May 10, 2013
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