Typical closing cost on a Cash Deal ???

Question

A Bank owned property

I will be paying cash

Massachusetts

Does anyone know what closing cost I will be looking at .

Question , who does the closing . who picks this person ?

I will balk at any ridiculous fees, such as courier fees.

I will balk at someone trying to make me buy Title Ins,
paying lawyer fees etc etc .

If you bought a bank owned property with Cash,
you can really help me with what fees you encountered .

I hate getting ripped off by bullsh.t fees and useless lawyers
who are not representing me .

What will I be looking at in closing fees on a Cash deal ???

ty

.

Jon Holdman · Answer

So here's a tidbit I heard at our REIA last week that will save you some money.  For a cash purchase of an REO, there's really no need for title insurance.  The foreclosure process will clear all liens, so there's nothing to insure against.  Now, not entirely I'm sure about this, and since the owners title policy is paid by the seller, not sure it matter.  But, you won't have to buy the lenders policy.

I just looked at a couple of deals ($61,500, $94,000) and the closing fees were around $500 on each.

Plus taxes, surveys, insurance, appraisals, etc.

Matthew Gil · Answer

The seller is going to choose the title company, there is no way around that.  But, you have reason to be concerned.  I have seen some wacky closing fees.  I especially like the $25 email fee I have seen on some of my Chicago closings.

When I have seen that fee, I have paused the closing and told the closer to get that off the HUD or we ain't closing.

Here is the key, by LAW you are supposed be able to review the HUD prior to settlement.  Have your attorney review the HUD 24 hours prior to the closing.  That way gives you, the buyer, a chance to contest the fees.