Updated over 4 years ago on . Most recent reply
Question About Buyer's Closing Costs on Auction.com Purchase
Hi there! I have someone that won a bid on a property in Chicago, IL (Cook County) on Auction.com and is currently going through the closing process. The Purchase Agreement provided by Auction.com (which is not the standard 7.0 or Chicago Association of Realtor's contract) says the buyer has to pay all of his own closing costs as well as those of the seller (confirmed by the buyer's attorney). The Settlement Statement won't be available until about a week before closing and the buyer is getting info from his attorney that closing costs will be at least $15K which is making the buyer get cold feet. Does anyone have experience purchasing homes through Auction.com and can you provide some insight into what closing costs he's looking at and a rough estimate. The winning bid was $101K and the purchase price will be paid in cash. There is no broker co-op and there is no buyer's premium if that helps. The buyer would like to purchase title insurance to protect his purchase. The closing company was chosen by the seller and the buyer will get his own title search done by his attorney. I hope I provided enough info. Thanks in advance.