Home Buying in 89138>Question Details

Ben, Home Buyer in 94110

What will be the typical closing costs on a cash purchase of a house in Summerlin which is a short sale?.... when and if it closes?

Asked by Ben, 94110 Fri Oct 1, 2010

We did not ask for an appraisal on our cash offer to make our offer stronger. The comps show it is well within current market value. We did ask for an inspection (buyer pays) and a one year homeowners warranty (seller/bank will pay).

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When I write an offer, I can tell you in a minute what your estimated closing costs would be.
Sounds like you already made the offer? If that's the case, it should be your agent answering this question for you. There are lot's of variables in that 11 page agreement.
2 votes Thank Flag Link Fri Oct 1, 2010
If I'm purchasing a home for cash. $445,000 what would the closing cost be. In Las Vegas, NV what is the buyer responsible for .
0 votes Thank Flag Link Sat Nov 17, 2012
3% closing costs is an average BUT if you are purchasing a home for $100K than that is only $3000 which will not normally be enough for those who are purchasing a home with a loan. Of course if you are purchasing a home for $200K, 3% would equal $6K and that should obviously be more than enough.

The time line for closing can vary greatly from one month to 1.5 years and perhaps never. It depends on where in the process the listing agent is with the short sale, how many loans are on the property, if the seller has a "ligitimate" hardship(according to the lienholder), and simply...will the bank play nicely or not at all! Listing agents can never tell one way or another-each bank is different, each asset manager is different and each seller's personal situation is different which may warrant a Short Sale or result in a foreclsoure (REO).

Of course, you should talk with YOUR agent that wrote the offer. They can, should, & are required to do a cost estimate fro you berfore you submit the offer so that you KNOW that you are capable of closing and not waste anyones time and your money with unecessary inspections/appraisal.

Valerie Edwards, REALTOR
Premier Real Estate
(702) 371-5533
0 votes Thank Flag Link Sun Oct 3, 2010
Closing cost can very. Sellers lender may pay for some of your closing cost up to 3%. Contact the title company you will be using. They can give you a work sheet with estimates of your costs. Cash or loan, it doesnt make any difference with the sellers lender. Last years statistics for short sale were 187 days from list to completion (MLS). Stay away from short sales. Good luck... rpeterson@nevadatitle.com
Web Reference: http://www.nevadatitle.com
0 votes Thank Flag Link Fri Oct 1, 2010
Usually 3% is the closing cost. If it is short sale, it can close in 45 days or maybe up to 2 years. I have heard agents with short sale listings two years later still NOT closing. Also, on a short sale, the listing price may NOT be what you are going to get. Because the bank is already losing money on a short sale, they can come back and counter you for more money. I have heard of banks not approving the buyer who's accepted by the homeowner because buyer's not willing to pay the difference. On a short sale, NET is important to the bank. If buyer walks, the listing agent will just put it back in the MLS as available again. I do list short sales and I am good at closing it but as for my buyers, I talk them out of it. Too much headaches! After waiting a long time, it is possible the bank will not even approve the buyer. Also just because the homeowner accepted your offer doesn't mean you are under contract until the bank signs off. Too many hurdles on a short sale even with the new HAFA. I am a short sale certified (CDPE)
0 votes Thank Flag Link Fri Oct 1, 2010
Closing costs vary depending on the purchase price of the home. As an example, at a purchase price of $100K, the escrow fee would be approximately $200 where as a home at $400K is closer to $400. Buying a home cash allows you to not purchase Title/lender insurance which could be as high as $1600 on the $400K home. The seller typically pays for the seller title insurance as well as the transfer fee, but all those fees are negotiable so it really depends on how you agent wrote your offer and no one but your agent can tell you about that. Plus you will have a transaction fee paid to your agent. They can range anywhere between $300 to $900. It is written in the contract so again your agent is the best source for that.

Additionally, is the home in an HOA. If so there will be HOA doc fees, & transfer fees which vary depending on the association.

Lastly, there is also taxes, HO insurance, utilities, sewer that all will be prorated based on the purchase price of the home. If the home is a $100K compared to $400K the taxes will vary greatly as well as your home owners insurance. You can provide the address to your insurance agent and get a quote for the year which will be paid up front at closing. It can range from $700 for a basic small home and obviously more for a nicer/bigger home.

I guess the bottom line is, you really need to talk to the agent who wrote the offer. They will have all the pertinent information regarding the transaction and SHOULD have done a net cost sheet for you before you wrote the offer so you knew how much the purchase was and approximately how much you will need to bring in at closing! If they haven’t you need to demand one. Ask who the escrow officer is and call them. You can ask them for an estimate of all their fees as well. Of course this are subject to change depending upon any demands that the lien holder might require in order to close on the home.

Sorry that I can’t give you any real number but it is impossible without the details and the very best person you should talk to is your agent. They are being paid to represent you, educate you, & advocate for you.

Valerie Edwards, REALTOR
Direct: (702) 371-5533
Premier Real Estate
0 votes Thank Flag Link Fri Oct 1, 2010
It seems you are under contract, usually that is provided up front with the paperwork you sign. You can call your agent or the title company and they will provide an Estimated HUD1 for you.
0 votes Thank Flag Link Fri Oct 1, 2010
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