Flipper/Rehabber · Santa Paula, CA · Member since 2014 · 19 posts · 5 votes
Looking at a house that would run me between 15 - 20 thousand. My realtor just told me closing cost will be close to 5k since they want me to pay both sides. What are my options? Can I do a quick deed with insurance? Get a lawyer to do the closing? I’m lost. The deal doesn’t work with 5k in closing cost
@Kurt Haines you’re buying a house for 20k? How exactly does that cost 5k to do? Provide a breakdown for costs. If this is a cash transaction I’m calculating around 2000
I do my own closings and record it at the courthouse which is a massive savings , no reAltors or lawyers required . It’s actually not that difficult .i do pay somebody 100 bucks to do my title searches though .i never paid that much for a single family home( 20k is a rich mans house!) but The last time i bought a house which was today actually,I paid less than one thousand in closing costs . It was a 7k purchase price . In ones where the sellers lawyer represented my side too, it’s usually 1500-1800 on houses that cost 10k ish . Couldn’t imagine a 20k house should have anywhere near 5k in closing unless your getting screwed in fees that the seller should split ..or perhaps paying their back taxes for the last few years .