What closing costs are there to a CASH buyer on a bank owned property in West Palm Beach, FL?

Asked by susanlange, Altamonte Springs, FL Mon Apr 1, 2013

The bank will not pay any closing costs associated with the purchase.

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Tom Priester, Agent, Tequesta, FL
Tue Apr 2, 2013
Dear Susan,

Your closing costs on a cash deal in Florida are usually very minimal. The seller typically pays for the owners title insurance policy so they get to select the closing agent. The wild card is who they select and what the closing fees they charge but expect anything from about $150 up to $500+/-. If you are dealing with a Fannie Mae property they will not pay the doc stamps on the deed which is also typically a seller expense. If you are dealing with a Fannie Mae property you will probably have to pay that charge which amounts to $.70 per $100 of sales price. Other than recording fees and perhaps another miscellaneous fee or two you should have no additional costs but certainly review the HUD-1 closing statement and ask questions about anything you are not certain of.

I hope this information is helpful but if you need anything additional please feel free to contact me at your convenience.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
0 votes
Craig Fialko…, Agent, Wellington, FL
Tue Jun 4, 2013
Your closing expenses should be less than $500. If they are not, someone is gauging you.
0 votes
Thanks- best answer I've found online yet. For some reason (yes, let's call it gauging) no one wants to publish that buyers paying in cash should not have to pay much of anything other than recording fees. You don't need lender's title insurance. I recently saw this on a HUD statement. There is no lender! As Tom above said, read your closing statement carefully!
Flag Wed Oct 23, 2013
Nadine Mauro, Agent, Lake Worth, FL
Mon Apr 1, 2013
Hi Susan,

It should be included in the preliminary settlement statement provided by the closing agent. Some items may be included as part of the purchase price, others may not, it all depends on the bank, title company, cost of title insurance, any/all homeowner fees not paid for by the seller.

Are you working with a real estate agent? If so, tell them you want to see a copy of the settlement statement. Various charges from the title company may be negotiable. If you don't have an agent, get yourself a good real estate attorney to negotiate in your best interests.

I hope all works out well for you. If I can be of further service please give me a call or send an email.

Nadine Mauro
Highlight Realty
0 votes
Bob Brubaker, Agent, Lake Worth, FL
Mon Apr 1, 2013
Most REO deals are processed through their " Closing Agent " .
These are Title Companies who are able to search the title,organize
outstanding charges , " pro-rate " unpaid taxes ,and issue
title Insurance to guarantee " clear title" They also handle recording
and "transfer " taxes. Most Title firms will give you general information
on usual and customary charge items. The Closing Agent involved
is the "absolute source ".

It is worthy to note here that Closing Costs are a "sub-set " of what
should be considered as true costs to close! Don't Forget inspections
if indicated, and Homeowners Insurance. If in doubt don't rule out an
attorney to review what you are doing! Best!

Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference:  http://pbc-realcam.com
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