What are the average closing costs on a cash sale in Charlotte, NC?

Asked by Amy, Cornelius, NC Sat Mar 14, 2009

I received and offer on my house and countered. They had included closing costs in their offer so I increased the price and kept the closing costs (up to $5000), figuring on a cash sale they would be low. They countered with an offer of $5000 less and took out the closing cost/expense. I am wondering if it is smart for me to take that or should I push the price?

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4
Voices Member, , Cornelius, NC
Sun Mar 6, 2011
On a cash closing I had this friday on a $319k house the closing costs for the buyer was$1,186.00.
1 vote
John Siddons…, Agent, Charlotte, NC
Tue Jun 28, 2011
Closing costs you can save on in a cash deal are minimal and somewhat optional. You do save a loan origination fee and an appraisal is optional (or at your discretion) since there is no bank requiring one. Most of the other costs will remain the same. Attorney hourly fees may be less if there is no necessary communication on funding.
0 votes
Rose Cramer, Agent, Denver, NC
Sat Mar 14, 2009
Usually on a cash sale there no expenses associated with getting a mortgage on the buyers end. So other costs such as inspections, lawyer fees, survey or appraisal (if buyer elects to do those) are about the same either for a cash sale or financed sale... I would say the closing costs should not be any where near $5,000 for the standard expenses. probably closer to $2500-$3000 for a cash sale. If you are satisfied with the offer as it stands without closing costs and you are only a few thousand off where you would like. I would take the sale. In todays market finding a cash buyer is more difficult and if your price is close then I would accept it. Do not get greedy in this market if you want to move forward and your price is only a few thousand from what your ideal would be. If you would like me to help on a Market Analysis and show you what other sellers are getting for like properties I would be glad to help. Just contact us directly at 704-607-7514
0 votes
Kelli Sheppe, , Charlotte, NC
Sat Mar 14, 2009
Amy,

On a cash sale, you eliminate the closing costs associated with the mortgage and escrowing of taxes and insurance, but still have other fees like inspections, attorney costs, title search and insurance. Many of these are fixed costs, but some are relative to the home purchase price. The closings costs on a cash sale should be much lower than $5,000, so you would be better off giving them up to $5,000 in closing costs, but ensuring that all parties understand who gets the extra money if it isn't spent. Does the buyer get it as a credit or does it go away? Clearly, you would not want the buyer to get it as a credit.

I hope this helps. Congratulations on selling your home. If you need help in finding a new one, please consider our buyer agent services.

Regards,

Michael and Kelli
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