Buying & Selling Real Estate Discussion

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Everest Jordan
  • Rental Property Investor
  • MD, 20878
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Closing cost sticker shock !! - $14k , this is real?

Everest Jordan
  • Rental Property Investor
  • MD, 20878
Posted Sep 14 2019, 07:35

So I was given these numbers by my lender that set me up with my pre-approval letter:

Purchase Price - 350k

Down payment - 5% = $17.5k

Closing cost = $14k

Location of unit - Montgomery County, MD (zip 20874)

Is $14k closing cost in this location normal? It seems a bit too excessive. 

@Brandon Turner in all his webcasts usually only puts $3k towards this expense and I has expecting mine to come in the same ball park. Should I look for another lender, or is this the norm? I was totally not expecting to be paying so much in closing for a unit at this price point.

My credit score is very good, not sure if that is a factor in the calculations.

Would appreciate some words of wisdom and direction from seasoned REIs.

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