Market Conditions in Detroit>Question Details

inpc, Home Buyer in Detroit, MI

Hello! For buying this house i must pay 12000$ at all? Is it right?

Asked by inpc, Detroit, MI Fri Jan 4, 2013

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You will incur closing costs, inspections, title insurance, and misc. fees to the title company. If you are paying cash your title fees should not be more than $1000. If they are question them. Title company's always include junk fees and many will remove some of them if you request it. So figure $1000 for title fees and $1000 for inspections and certificates and you should be in good shape. The only other variables are prepaid expenses that will be prorated by the title company. For instance prepaid taxes.

Make sure you get a copy of the settlement statement (Also known as HUD statement) at least 24 hours before you go to the title agency to close. This way you have time to review it and ensure its accuracy. You do not want to be ambushed by fees when you show up for the closing. Any reputable title agency will not have a problem providing this the day before the closing. This is important because it is not uncommon for these statements to contain errors. If you are using a agent (You definitely should be since it will not cost you anything as the buyer)they can assist you in reading the HUD statement.

Good luck

Advance Property Management LLC
0 votes Thank Flag Link Sat Jan 5, 2013
Some homes are priced very inexpensive right now. Just make sure that you can afford to make the repairs that are most likely needed. Your closing costs differ if you are paying cash or obtaining financing. I am going to assume you have cash. You would pay for closing and the fee to record your deed. The rest are typically seller expenses (title, transfer tax, commission, etc.)
0 votes Thank Flag Link Fri Jan 4, 2013
That is the asking price of that house. You will also need to include money for your closing cost which should be about $2,500 or so (taxes, title fees, real estate transaction fee).
0 votes Thank Flag Link Fri Jan 4, 2013
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