Home Buying in Memphis>Question Details

volannteer1, Home Buyer in Drummonds, TN

I am purchasing a home in Tipton County with cash. It is a for sale by owner. What other costs will I have besides homeowners insurance?

Asked by volannteer1, Drummonds, TN Sun Dec 2, 2012

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Cash transactions can be completed in a short time. I would suggest you get a termite inspection, home inspection and hire a good closing attorney and title company. You will have the best assurance that you have everything covered. Your best bet is to hire a closing attorney (CloseTrak is a good choice because they will take care of the titile search - call Marc Diaz 507-4680 he is the closing attorney and president and a Realtor). They will pinpoint your closing cost for you. If you want to hire a Realtor, the seller usually pays the coop commission of 3% so the Realtor cost you nothing.

Take care and have a blessed day.
0 votes Thank Flag Link Tue Jan 22, 2013
Buying directly from the owner will allow you the lowest possible purchase price. I would recommend getting a knowledgeable home inspector to do a thorough inspection of the home before making your final decision (approx. $200). I am sure you've done your research and are motivated to find yourself the best home for you at the best price!
When purchasing a home with cash, there won't be a lot of costs. The cost of a closing attorney should be paid for by the seller and will run approximately $400.
Best of luck!
0 votes Thank Flag Link Mon Jan 21, 2013
I would have to agree with Bob and say that it is a good idea for you to use a real estate agent in the purchase of a for sale by owner.
0 votes Thank Flag Link Sun Dec 2, 2012
Well you will have closing cost (approx 2% - 3% of sales price). Your closing attorney can provide the exact amount (Close-Trak is a good choice). A home warranty would be optional at a cost of approx $454 for 1-year service (First American Home Warranty). If you want to be represented by a Realtor, we can ask the seller to coop for a 3% commission for you. I would suggest you use a Realtor to make sure you have all the necessary forms for your protection. I'm available.
0 votes Thank Flag Link Sun Dec 2, 2012
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