As an example, on $150,000, you would want to calculate the deed stamps and owners title insurance amounts ($1050 + $785 = $1835). However, they anticipate that buyers will request some contribution so we usually put in $2000 in that circumstance as the investor also pays cash. My investor pays for survey, closing agent fee, other buyer costs. The closing agent fee can be tricky also depending on who Fannie Mae chooses. We've closed with title companies all over the state via mail away closings, and the fees vary tremendously. Fannie Mae pays a closing fee and buyer does the same; it can be between $450 to $750 and not negotiable.
Have your agent calculate exactly what your costs will be and you can come up with the dollar amount to request Fannie Mae to pay.
If you need any help, just contact me at firstname.lastname@example.org. I love selling Fannie Mae properties as it can move very quickly thru their system. Also remember they do not make repairs so an inspection is very important.
Now if you negotiate the seller to pay those as in most offers then at least you have that part of the transaction taken care of.
Best of Luck. Feel free to call on us. 904-607-4668
...as a buyer you will be responsible for county recording fees (usually less than $100). Property Inspection fee (+/-$350 paid to inspector of your choice) Survey, if needed (+/- $250), courier/wire fees (vary upon banking institution, under $100)and any fees imposed by your lender if property is financed. (contact your lender for list of fees).
Those are customary cost as a buyer., as you can see fees vary, so my advice will be to budget 2.-3.% of the purchase price for your closing costs.
Hope this information is helpful.
REALTOR, Exit Real Estate Gallery
Contact me at Watson Realty Referral
Download App: Margaret Rogers RE
Donna is right you will have very little closing costs if you pay cash. Most of the inspections are optional but recommended. Also note,If you do inspections and the power has been off for more than a year which is common with many foreclosures you will also have to get an electrical inspection done at your cost before JEA will turn it on. Usually 300-450 depending on the electrician this includes the permit fee. Good luck with your bid.
When paying CASH...there is NO MORTGAGE...so...you do not have stamps on the note, etc...because there is NO NOTE.
IF you CHOOSE to have an inspection that inspection will cost $300-$400 + -
You can CHOOSE to have a wood destroying organism report....may cost about $125
You can CHOOSE to have a survey....cost can be $ 250-$400
You will NEED to record the deed.....less than $100
You may or may not need to pay pro-rated property taxes....depends on date you close....the seller may wind up PAYING YOU pro-rated property taxes.
That is about it...UNLESS you agree to any additional charges.
Good Luck with your purchase....and...again...thank you for your question.
"The Real Estate Lady"
Oceanside Real Estate
(904) 732-PACK (904) 732-7225
Congratulations on your purchase!
Rosina Eisenmann, REALTOR
Watson Realty Corp
RPAC Chair 2013
NEFAR - Beaches Council Chair 2012
Leadership Academy Graduate 2011
Be a blessing as you are blessed!