Market Conditions in Durham>Question Details

ard16hus@att…, Home Buyer in Lady Lake, FL

What are the taxes and the closing cost?

Asked by, Lady Lake, FL Fri Aug 1, 2014

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To start, this property is already under contract. Taxes are currently: $1951 a year. No one but your mortgage lender can really answer the closing cost question as we don't know what type of loan you're getting or how much your putting down. If you were a cash buyer the answer would be about $1500 and on the very high side with a loan I'd suggest no more than $4000.

If you don't know Durham well, then you need to understand that like any city Durham has it's good parts and it's not so good parts. There's a reason this home is priced the way it is and it's not because it's a foreclosure as bankers are greedy and there are no deals in foreclosures. I repeat to anyone reading this there are no deals to be had buying a foreclosure. See link below for more.

If I can be of any assistance to you, feel free to contact me through my profile here on Trulia.
0 votes Thank Flag Link Thu Aug 7, 2014
If purchasing with a mortgage ask your loan officer for a good faith estimate of costs...
0 votes Thank Flag Link Sat Aug 2, 2014
In general, the tax rate for Durham is 1.34%, though it may depend on whether you are in the city limits or the county. The tax value is re-evaluated every 8 years, so the current tax value is the accurate value until the next re-evaluation. I can't remember if it was done in 2008 though it was around that time.
Web Reference:
0 votes Thank Flag Link Fri Aug 1, 2014
Closing costs vary, depending on what type of financing you're doing. You should contact a local Realtor and lender who can walk you through the process, give you info on closing costs, taxes, etc.
0 votes Thank Flag Link Fri Aug 1, 2014
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