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What are the closing cost one pays on a short sale or cash deal in Chicago?

Asked by Trulia Chicago, Chicago, IL Thu Nov 15, 2012

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Bill J Deligiannis’ answer
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For the Buyer there will be:

Application Fee (Many lenders do not charge an App fee)
Appraisal Fee
Processing Fee
Underwriting Fee
Wire Transfer Fee
Flood Certification
Commitment Fee
4506T Processing Fee
Title Fees
Recording Fees
City/County/State Tax Stamps
Survey
Attorney Fees

Also:
Escrows
Pre Paid Interest
1 vote Thank Flag Link Fri Nov 16, 2012
The buyer pays 7.50/thousand of the sales price plus all the other standard fees many of which are also based on the price. It usually does not matter whether it is a short sale or normal transaction although some of the items can be negotiable. With a cash deal you do not have any lender fees. Your attorney can give you a more accurate $$$ based on the price.
1 vote Thank Flag Link Thu Nov 15, 2012
I assume you are buying a short sale and paying cash. You will have to pay the city transfer tax, which is $7.50 per $1,000, title insurance ($25-0$1,000 depending on the purchase price), your attorney's fee,recording fee ($75-$200) if it's a single family home our multi-unit bldg you'll have to pay the survey (which is usually paid by the seller, unless it's a short sale)
0 votes Thank Flag Link Sat Nov 17, 2012
Every transaction may be a little different so it is best to email me for a free consultation at jmichaels@remax.net with the details
0 votes Thank Flag Link Fri Nov 16, 2012
In addition to the answers below ,on short sale transactions the seller might also request the buyer to settle promissory notes with one time cash contributions to get the deal done. Although not a closing cost in the true sense, it is untimely part of funds you bring to closing. Always leave room in short sale transactions.
0 votes Thank Flag Link Fri Nov 16, 2012
Title, Transfer stamps ($7.50 per thousand) ,attorney fees, possible past due assessments and taxes.
0 votes Thank Flag Link Thu Nov 15, 2012
Chicago or anywhere, CC depend on taxes, 3 months typically escrowed, plus whatever the good-faith estimate was when the loan applicaiton was made. Cash deal will depend on the contract and the parties involved, attorneys, title insurance or not, pre-paid HO insurance, anything pre-paid by seller such as taxes. As a buyer you need to be represented or risk being taken advantage of. Talk to a professional agent who has done it before.
0 votes Thank Flag Link Thu Nov 15, 2012
All the same as any other sale, with this caveat-
No loan fees if there is no loan.
you may have some association fees related to past due assessments with a short sale or a cash sale on a foreclosure.
attorney fees may be higher in a short sale, or there may be a fee expected from the buyer, and any sale that is complicated is going to have higher legal fees.
We have an excellent net sheet product you can have if you email me, it will incorporate actual transfer fees, taxes, title fees and misc other expenses based on a specific location and price of a property.

Dave
0 votes Thank Flag Link Thu Nov 15, 2012
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