Rosenhoch68, Home Buyer in Clallam County, WA

What are buyer's reasonable closing costs for a no-loan cash $122K purchase of raw land (no house) in Washington state?

Asked by Rosenhoch68, Clallam County, WA Mon Oct 3, 2011

We are planning to pay $122K for 5 acres in Clallam County, Washington, from a FSBO seller. The property is raw land and does not include a house and the sale will not involve a loan since this will be a cash deal. The seller wants to split closing costs of $7400 which will include reconveyance, escrow, title, other fees, and convenience signings. This seems inappropriately high for a no-house, no-loan, cash deal. Please advise as to the reasonableness of these closing costs.

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The only large fee you should be paying is 1/2 of the escrow fee, which should be around $600 for your side. The next largest fee would be a recording fee, which would be around $100. Then with some minimal miscellaneous fees, There is no way you can even get to $1000. He wants you to pay the closings cost which are his alone! You need a real estate agent or an attorney to help you with this. This is why FSBO's are a problem some times. Let me know if you need any more help.
0 votes Thank Flag Link Mon Oct 3, 2011
Rosenhoch,
That does sound high for a cash deal. Request a breakdown of the costs. As a cash deal they need to provide you with Title Insurance, but you don't need to purchase a lenders policy.
0 votes Thank Flag Link Mon Oct 3, 2011
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