Home Buying in Memphis>Question Details

Tom, Other/Just Looking in Memphis, TN

If a house cost 12,700 cash how much is it going to cost me in all

Asked by Tom, Memphis, TN Sat Jul 9, 2011

Help the community by answering this question:


Allen is the closest that I would guess. Also, most homes in that price range usually require some work, and that can add up. I will tell your from experience that we purchased a home at an auction for $16K, and after paying for all the needed repairs it was close to $30K. Currently we rent the home out but did list it to sell as well. It has new roof, all new hardwood, tile, carpet, and paint. However it still needs a few minor cosmetic repairs. So this price varies. Let me know if I can be of any assistance.
Renee Farrell
Keller Williams Realty
"Life is to be enjoyed but just endured." Gordon B. Hinckley
0 votes Thank Flag Link Sun Jul 10, 2011
Apparently this question has attempted to be answered by some other people from out of town, but they don't understand the Memphis marketplace. We have sold many houses in this price range, but they do usually need some work around $8000 or less hopefully.

You are going to probably pay an attorney to do the closing so that is around $300 plus the state transfer tax will be $46.99 on this price. The deed recording will be under $20.00. If you want title insurance the costs will be around 150-450 depending on who pays for the search. You also will either pay or receive credit for property taxes depending on when you close.
0 votes Thank Flag Link Sat Jul 9, 2011
Hello Tom;

Closing costs are typically 3% of the purchase price. However; the amount you spend on the property you're interested in depends on what you will have done.

Will you get an inspection? (you should) even if you're buying the property "as is". Also take into consideration the cost of title search- this will tell you if their are any liens on the property or if there was any remodelling done, and if there was; was it done legally.

There is also homeowners insurance to consider. If there is an Association be sure to obtain an estoppel letter- this will give you detailed info about any fees that may be outstanding.

You may also want to consider using a local REALTOR to further assist you with the process. The Seller usually pays the Agent's fee.

All the Best- ADELL
0 votes Thank Flag Link Sat Jul 9, 2011
Hi Tom
This is great that you are being proactive and getting an idea of all the closing costs upfront so you won't have any surprises. If you are working with a lender they can provide you will a good faith estimate that will beak down all the costs… if this is a cash deal you can get a preliminary closing statement /hud from the title company outlining all credits and debits on the sale
Wishing you the best of luck
Regards John
0 votes Thank Flag Link Sat Jul 9, 2011
How can we possibly answer that question:

It cannot be a "turn-key" beautiful, no-a-single-repair, completely-updated, house for $12,000!

You will also have to consider;
Closing Cost

and your question indicates that you are doing this without a Buyer's Agent, who would be answering this question.

Good luck and may God bless

you are probably going to need it
0 votes Thank Flag Link Sat Jul 9, 2011
Hi Tom,

Are you talking about closing costs? It depends on your loan....the best thing is to talk to your lender who can give you a better answer on this.

0 votes Thank Flag Link Sat Jul 9, 2011
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