I just closed my first all cash deal. While I'm doing a cash out refinance, I realize I'm paying a back to back closing cost (one at closing as the buyer, one while doing the refinance). They add up about 6K. I never really think about it before doing the all cash deal. I'm wondering what's everyone doing to minimize this double cost... Any thoughts would be appreciated.
Real Estate Agent · Tampa, FL · Member since 2020 · 411 posts · 373 votes
5y
HELOC is lower closing costs but there are some tradeoffs with that. Any time property actually changes hands each side will have closing costs to pay, and for a refi as well.
Buying with a loan in the first place is the most common way to avoid that. The double closing fees is the cost of getting the deal. I’m guessing you beat out some financed offers by being all cash? Just make sure you budget for that in the future.
yeah, that makes sense, that's what I was trying to do, to use all cash as an advantage. But looks like I could also just raise an offer with conventional loan by 3K to achieve the some other kind of an advantage but saving a lot of time having to refinance later...