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Old 03-22-2010, 04:50 PM
 
1 posts, read 1,517 times
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Smile trying to figure closing costs

if the seller states that he will pay 3% of closing costs and the selling price is 23,750.00, the closing costs paid by the seller are somewhere around 832.00 how much money will the buyer need at closing table if paying cash
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Old 03-22-2010, 04:56 PM
 
Location: Inman Park (Atlanta, GA)
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Closing costs also depend on the type of loan you are receiving. Are you getting two loans or one? What did your lender quote you or are you paying all cash?

Also, according to my calculations, $23,750 x .03 = $712.50. In Georgia, closing costs are use it or lose it. Attorney fees also vary from firm to firm.
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Old 03-22-2010, 04:56 PM
 
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I'm thinking you'll still be looking at a couple grand (at least) in closing costs, between title search fees, recording fees, etc. The title company or attorney that's handling the closing should be able to provide you with an estimate of costs.
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Old 03-23-2010, 07:25 AM
 
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You won't find a bank who will do a mortgage for that amount. $70k yes, $23k no. Maybe a personal loan or credit card depending on your credit score. Go back to the seller and ask for a reduction in the sales price by the 3% instead.
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Old 03-23-2010, 07:46 AM
 
Location: Atlanta, GA
482 posts, read 806,074 times
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Closing cost on all cash deal:
Closing Costs in Georgia Cash Sale
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