corinaldi, Home Buyer in Miami, FL

How much is the average closing cost and details on a $70,000 home in the North Miami Beach area?.?

Asked by corinaldi, Miami, FL Wed May 9, 2012

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4
Stacie Linden’s answer
It depends on the type of transaction and terms negotiated: Cash buy- you consult a title compay (call at least three and select your best). Now if you Finance your purchase - your loan rep will provide you a Good Faith Estimate (its a detailed statement and that should be within $100 of your closing statement) loan rep has 3 business days from time you provide them all your financial information to give you G.F.E. (make sure you keep that in order to compare the day of closing with the actual charges). Another key factor: upon writing an offer your realtor may negotiate closing cost to be paid by seller or it may already be established in listing (some sellers offer to pay as an incentive ). Thats where I can help! I am a great negotiator and of course if you have me on your side I will haggle as much as I can on your behalf. I use E-service forms, (that service enables my clients to sign forms at your leisure) no waiting around an office, no hassle with printing or faxing, once we find and preview the property you have been looking for, I make it easy by emailing forms to you immediately, by clicking of mouse you sign and Beachfront accepts wired funds just incase you cant bring funds to the office. I am here to help! Feel free to register on my website: http://linden.sef.mlxchange.com/ My contact information is on my webpage. Good luck! Stacie G. Linden- Realtor- Beachfront Realty Inc. Aventura FL
0 votes Thank Flag Link Thu May 10, 2012
Hi staycie:
My name is Raul Santana, I'm seeking for rental properties around 70,000.00 in Miami,
I'm a retired Biz man with some knowledge of RE investment. Will you able to work with me? Please call me at 787 -356-6507
Flag Thu Feb 20, 2014
There is no such thing as the average closing costs.
The costs depend on the size of the mortgage, title company, appraisal company, survey, insurance company, flood or no flood zone, taxes amount...What you can do though, is ask your realtor
to provide you with a preliminary break down of your closing costs on a small house.

70K is a small amount, so it probably will be around 2.5-3K total, more or less, untill we know
more about your transaction.

Also - you might negotiate seller paid costs, if seller is motivated or a bank (foreclosure).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Mon Mar 11, 2013
I decided to write a short blog regarding buyer's closing costs after answering your question and in the process realized there are a couple of other possible costs to consider.

You can read my blog here: http://www.trulia.com/blog/JoeRobaina/
0 votes Thank Flag Link Wed May 9, 2012
Good evening, if the home is a single family residence and it is a cash purchase, the approximate closing costs would be as follows:

Title insurance policy $525,00
Transfer tax and fees $425.00
Closing fee $400.00 to $600.00
Optional and additional costs:
Insurance policy $600.00
Home warranty plan $500.00
If there is an existing survey and you choose to accept it (I would advise against that), you may save a couple of hundred dollars more, Otherwise you would hire an surveyor and that would cost about $300,00 for an ALTA survey which would show all current and permitted structures, easements, etc.

If you financed the property, you may have the following additional closing fees:
Title insurance (add) $435.00
Additional tax and transfer fees $550.00
Plus you may have to consider a few to several months of tax and insurance paind into an escrow account in addition to loan origination fees (points) which could vary depending on your lender.


If the property is an REO (foreclosure), you may be required to pay for a re-occupancy permit or certificate of occupancy which may cost from $600.00 to $1,500.00.

If the property is a short sale, the seller's lender will most likely pay for your title insurance policy.

If the property is a condominium or a home in a planned unit development with a home owners association, you may need to pay some months of maintenance into an escrow account to be held by the association or property management company at closing.

If there are assessments that have not been paid in full prior to the transfer of the property, you or the seller may be required to pay for all of the remaining installments of the assessments at or prior to closing. Yes, I know, that could be a deal killer.
It is important for me to re-iterate that all of the figures I provided are approximate and there are many variable that can affect your actual costs.
I hope this helps but I realize it may be difficult and confusing to come up with a realistic projection. That's why our office usually provide a prospective buyer with an estimated buyer's closing costs estimate before they submit an offer so that they can have a better idea of what their total costs might add up to be.

Please don’t hesitate to contact our office if you have questions or need additional information.

At your service,

Joe Robaina, P.A.
0 votes Thank Flag Link Wed May 9, 2012
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