Home Buying in 80204>Question Details

Pinge, Home Buyer in Denver, CO

Im buying a house in denver, I will pay cash, around 70.000$ How much is my closing cost like a buyer???

Asked by Pinge, Denver, CO Wed Nov 19, 2008

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6
There is some great advice and estimates below that should be considered. If you are buying a condo or home that has a master and/or sub HOA, keep in mind there may be HOA transfer fees, Capital Fees, Community Fees, etc. that may pop up on the settlement statement. Are you currently under contract? The title company should be able to give you an estimate on closing costs.
1 vote Thank Flag Link Wed Jan 8, 2014
Very minimal. You may pay half of closing fees, and all of recording fee, but there shouldn't be much else!
0 votes Thank Flag Link Wed Jan 8, 2014
For the exact numbers, have your title company closer prepare your buyer settlement statement for you and your agent to review. You should expect to know more than 24 hr prior to closing, so you can wire funds to the closing.

As the other agents said, you will only have real esate closing costs and no loan closing costs to pay. These were detemined in your purchase contract. What you're charged ranges from $0 to $2000:
-It is standard for you to pay 1/2 of the title company closing cost (sometimes your seller will pay this), $0-$140
-any HOA transfer and working capital costs (this varies greatly) ,$0-$360
-any survey you had done (optional), $250
-appraisal (optional for a cash transaction), $350
-your bank may charge you a wiring fee (Most title companies are not accepting cashiers checks now for cash transactions.), $25
On the positive side, you also are credited back:
+the prorated taxes for this year by the seller
+your earnest money

How did your settlement statement come out?
0 votes Thank Flag Link Thu Nov 20, 2008
In this market many times you don't have to pay much at all. You can ask the seller to pay closing costs if you would like.

But as said before I would expect your total fees to be no more then $500 unless you manage to buy into some horrible HOA. Where are you looking to buy with the $70,000.
0 votes Thank Flag Link Wed Nov 19, 2008
If you are paying cash the only costs you will have will be:
1/2 of the closing fee, approx $125
If there is an HOA - anything connected with that, transfer fees, working capital
Appraisal fee - if you had one done
You will receive a credit for this years taxes from the seller from 1/1/08 through the closing
Hope that helps.
0 votes Thank Flag Link Wed Nov 19, 2008
Local tradition calls for the buyer and seller to split the cost of closing services, usually about $125.

You wouldn't have a fee for an appraisal unless you wanted it yourself. Same for survey. You also wouldn't be required to pay into an escrow fund for water or insurance, you'd take care of all that yourself. You should have done an inspection before getting to the closing table, so that's not really a closing cost. The seller pays for the title work.

If there's an HOA they may require some funds at closing. And some real estate companies have a transaction fee, generally ranging from $250 to $300.

I think that's it for a cash deal.
0 votes Thank Flag Link Wed Nov 19, 2008
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