Property Q&A in 10301>Question Details

Nick, Home Buyer in Staten Island, NY

What is included in closing costs for a foreclosure? What would the total cost be in closing?

Asked by Nick, Staten Island, NY Mon Jan 26, 2009

Help the community by answering this question:


Hi Nick,

I guess you are asking about a bank owned property. If so, then the additional closing costs are the transfer tax which is calculated like this: 1% of the purchase price + $4.00 per $1,000.00 let me give you an example
on a 200,000 purchase price the transfer tax will be 1% = $2,000 plus $4.00 per $1,000 = $800 total transfer tax is $2,800.00
Hope this helps. Good Luck to you.
0 votes Thank Flag Link Tue Jan 27, 2009
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