Hi Guys & Gals
I'm wondering if there is a rule of thumb guide maybe a percentage to closing costs.
I'm thinking about Illinois and a SFH of around $200k in case this is relevant, it probably is :-) No mortgage either.
Thanks in advance
I usually figure $5500 to close using conventional financing. The best guess I get from banks tends to be ~$4700. Then I throw in the inspection, which can vary a surprising amount.
A good thread for this:
How much without financing Aaron ?
Good link thanks
check with your local title company who handles closings daily, they will be good source to give you accurate figures for your area.
These are the notes I took from a duplex I bought at the end of last year for around a 100K in Illinois
Closing Costs: $3874.06 which also included $1,111.62 in initial deposit into Escrow and $728.50 for 1 year of homeowners insurance. With these 2 items removed the closing costs were $2033.94.
My mortgage broker told me 4-5% so I use 4.5% to calculate closing costs. This is on the a little on the conservative side but it works for me.
These 3-5% numbers aren't relevant to a cash sale. It is area dependent on who "normally" pays for title insurance, transfer taxes, etc. as David said, talk to a local title co. Buyer closing costs here on a cash sale, typically $500-$700, or less.
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