Buying Property Homepage

Question: When buying property, how much less would closing cost(s) be if you pay the whole amount?

(Posted by: SuzaQ on 2011-07-12 10:37:26)

(Not carry any mortgage.)

Posted by: wizjp on 2011-07-12, 10:40:46

Probably about 10 %. No mortgage insurance, lower wire fees involved.

Posted by: deb.peg1 on 2011-07-12, 10:57:44

Closing costs are completely negotiable. They are the fees charges by the escrow company or attorney attending to the paperwork and handling the financial transaction. The less paperwork involved, the lower the fees should be. If you pay the whole amount, I would suggest the seller pay all closing costs. Even if you don't pay the whole amount, you can always negotiate the amount of closing costs and who pays them (buyer or seller or combination of both).

Posted by: mytrenchant on 2011-07-12, 13:23:57

Since there is no lender involved in the transaction, you will not have to pay any fees they would normally charge for providing a loan to you. Those fees would range anywhere from 1 to 4% of the purchase price.