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Old 10-29-2008, 07:12 PM
 
4,199 posts, read 6,705,474 times
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Default Closing costs for cash purchase

Hopefully we will be selling our home and downsizing enough to pay cash
and have no mortgage. How many of the closing costs are releted to the mortgage??? I hope we can avoid alot of fees.
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Old 10-29-2008, 07:48 PM
 
1,305 posts, read 543,723 times
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Yes, you'll avoid most of the fees.

Basically, you will normally still have 1/2 of closing agent fee, buyers inspection, apprasial (if desired), and maybe title search costs. You will still have taxes when due but you obviously won't have to do impounds on them.

As a cash buyer, you are in a great negotiating position since the home is guaranteed to close if it passes inspection. I'd make the seller pay 100% of closing agent fee since you're not receiving a benefit.

If the seller also doesn't have a mortgage, no need to go to closing agent. Firm handshake, cashier's check or cash, and deed is all you need. Heck, it'd be fun paying cold, hard, cash for a home!
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Old 10-30-2008, 05:17 PM
 
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Most closing costs for a buyer, in Texas at least, are loan-related. Don't buy a house without a title insurance policy or you could come to find out that the seller really had nothing to sell.
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Old 10-30-2008, 07:08 PM
 
Location: Barrington
17,246 posts, read 12,430,911 times
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Depending on the municipality, county and state, the buyer may be required to pay tax on the transaction, usually expressed as a % of the price.
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Old 11-22-2009, 08:44 PM
 
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I belive you only need deed, title search/abstract $30-$40 and recoding of Deed at Country Clerk office. Total closing cost for purcahsing house on cash may be less than $100. Do your own home work instead of relying on Real Estate broker. Good luck
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Old 11-22-2009, 11:09 PM
 
Location: Columbia, SC
6,900 posts, read 10,197,554 times
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Quote:
Originally Posted by MJAW View Post
I belive you only need deed, title search/abstract $30-$40 and recoding of Deed at Country Clerk office. Total closing cost for purcahsing house on cash may be less than $100. Do your own home work instead of relying on Real Estate broker. Good luck
1-The post was more than a year old.
2-I'd ballpark at ~$800 around here for the median price range.
3-She was researching herself by asking people who would be in the know. Seems smart to me.
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Old 11-23-2009, 07:21 AM
 
37 posts, read 74,280 times
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we just closed on a cash sale for a townhouse the closing costs were 369 dollars
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Old 11-24-2009, 08:46 AM
 
Location: Northern, VA
980 posts, read 1,930,652 times
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If you're paying cash for your house, why can't you pay your own closing costs? Unless you're buying a million dollar home, paying your own closing expenses really isn't a big deal....unless you want it just to feel like you're getting a deal. It's NEVER the seller's job to pay for anything except their own expenses. I wish people would get that out of their heads.
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Old 11-24-2009, 10:46 AM
 
3,345 posts, read 4,243,377 times
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Quote:
Originally Posted by Tish Thompson View Post
If you're paying cash for your house, why can't you pay your own closing costs? Unless you're buying a million dollar home, paying your own closing expenses really isn't a big deal....unless you want it just to feel like you're getting a deal. It's NEVER the seller's job to pay for anything except their own expenses. I wish people would get that out of their heads.
The OP never said they didn't want to pay their own closing costs, never said it was the seller's job to pay for their closing costs ...

They wanted to know if by paying cash, if their costs would be minimal. That's it.
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Old 11-27-2009, 12:12 AM
 
Location: Mpls - south for the winter
140 posts, read 324,954 times
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Quote:
Originally Posted by bigtrees View Post
Basically, you will normally still have 1/2 of closing agent fee, buyers inspection, apprasial (if desired), and maybe title search costs. You will still have taxes when due but you obviously won't have to do impounds on them.
I've done many cash purchases and rarely pay a closing fee - try negotiating that with the title company.

You will have to pay for title insurance unless buying a foreclosure and closing at the banks title company - then they will usually pay for title insurance.

That really only leaves a recording fee and prorated taxes.

Under $100 in closing costs is not impossible.
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