Rental Property Investor · Aiken, SC · Member since 2019 · 129 posts · 44 votes
I have several units already and just purchased my first SFR as a cash deal. I was under the impression cash closings are a lot less expensive than traditional closings. The purchase price was $45K and I agreed to pay all closing cost, which was $1,400. Does that sound about the going rate? This is the same attorney that I've used for several closings in the past and who also set up my all of LLC's and Holding Company. Going forward is there a way to estimate cash purchase closing costs? The Law firm I use is great at keeping me straight, but I'm just a little curious what others see for Closing Costs.
Here’s a summary of closing costs for a deal I recently closed, although it was a financed deal. I separated out all the costs associated with the loan and ended up with ~$950 in closing costs. This included attorney fees, title insurance, binder, and search. This did not include underwriting fee, points, or appraisal fee.
@Ben Dean thanks for the feedback. That’s basically the same items I was charged for on our closing. I need to look at my itemized sheet and see the breakdown and I’ll share it with you.