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Forums » Wholesaling » Who Pays Closing Costs

Who Pays Closing Costs

8 posts by 7 users

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Renter · Kentucky


I'm assuming in an assignment, the buyer you assign it to will ay closing, but who pays closing in a double escrow?



Developer · Orange County, California


@David Littleton Each state and even area is different. We always write the contract so that it's 1/2 each.


Karen Margrave, Parlay Investments, 1st American Construction
E-Mail: [email protected]
Telephone: 949-933-3955
Website: http://www.parlayinvestments.com
PARLAY: definition: to increase or otherwise transform into something of much greater value


Real Estate Investor · Springfield, Missouri


Negotiate it, anywhere, except that a borrower must be shown as paying pre-paids on many loans, other than that...whtaever, it usually goes to local custom if not contracted. :)


Financexaminer@real estate investor dot com


Wholesaler · Upper Marlboro, Maryland


@David Littleton It all depends on how the deal is structured and what is customary in your state. Here in Maryland it's customary for seller and buyer to split closing cost because fees are around 3%. But again, it can be negotiated..



Real Estate Investor · Audubon, Pennsylvania


Some related discussion:

http://www.biggerpockets.com/forums/93/topics/43242-closing-costs-in-wholesale-deal

http://www.biggerpockets.com/forums/93/topics/53454-exit-strategies-for-wholesaling-what-is-a-double-closing-

http://www.biggerpockets.com/forums/93/topics/79666-transfer-tax


Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


Wholesaler · Baltimore, Maryland


It is whatever the contracts say - which is whatever you can negotiate.


Small_crab1_copyNed Carey, Crab Properties LLC
Website: http://baltimorerealestateinvestingblog.com/
http://baltimorerealestateinvestingblog.com/


Real Estate Investor · Springfield, Missouri


There are limitations people, if your buyer is getting a secondary market loan, the seller may not pay just anything. That's in any state. The seller can compernsate for pre-paid items in some ways but credits won't save expenses and plays on the loan to value.


Financexaminer@real estate investor dot com


Real Estate Investor · Bakersfield, California


Great answers however bottom line is the buyer in almost all situations is paying the costs. Whether they're on the sellers HUD1 as expenses or not.

Closing costs are like Realtor commission in that they are authorized by the seller however they're coming out of the proceeds the buyer gives the seller.


Small_new_logo_bgMichael Q., Yellow Letters
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Website: http://www.YellowLetters.com
Yellow Letters - Zip Letters - Post Cards - Lists - Door Hangers - Business Cards - www.ZipInk.com




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