Home Buying in Philadelphia>Question Details

Andrew Busch, Home Buyer in Philadelphia, PA

What is the estimated closing cost for a $50,000 home in Philadelphia Pa. I'm paying Cash

Asked by Andrew Busch, Philadelphia, PA Mon Aug 19, 2013

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Rotimi Afuwape’s answer
If the house is in Philadelphia its 2% for transfer tax plus title and recording so your looking around 1500-1700 to close if you need any assistance please call me at 2159066164 my name is Mary
0 votes Thank Flag Link Mon Aug 19, 2013
You will have cost for 2% transfer tax, title insurance, real estate tax proration, recording fee, notary fee and property insurance cost. Depending on what the real estate tax proration amount is, I would estimate 4,000 and that figure is subject to cost for home insurance. Depending on the strength of your application it could be higher or lower for insurance cost. If you were to have a termite inspection add maybe $85 more. If you were to require a home inspection, add another 300-325 depending on style of home etc but I don't see you getting into the home with just 2,000 closing cost unless the real estate taxes are exceptionally low and you do not get any inspections.

Jim Brophy
Associate Broker
RE/MAX 2000
"Let My Experience Work For You"
0 votes Thank Flag Link Wed Sep 4, 2013
You are looking at about $2,000 worth of closing costs. Between title insurance, taxes, appraisals, etc.
0 votes Thank Flag Link Mon Aug 19, 2013
Hello Andrew;
You will be looking at approximatly $2,000.
If you do not have a real estate agent or are not happy with the agent uou are using,please call me so I can represent and protect you in your purchase.
My best;
Don Sherman
Century21 Advantage Gold
0 votes Thank Flag Link Mon Aug 19, 2013
For a buyer I use 8% of price as a general average...cash will be a little cheaper...no appraisal or mortgage costs...but transfer tax, recording and notary fees and title are pretty much the same...remember it's always better to err on the high side for settlement...any extra you'll get back.
0 votes Thank Flag Link Mon Aug 19, 2013
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