All Forum Posts by: Jeff Sanders

On the bright side, I guess if I have to pay all the closing costs I would rather do it on the smaller "buy" transaction than the bigger "sell" one :-)

Thanks guys. It's funny that the "left of line" numbers add up to $50 less than the total for the "buyers" column numbers. Not sure where that magic $50 came from. Anyways, J, it sounds like you are saying that this is pretty typical and nothing seems unusual here to you (I am in the Atlanta area too). So, I'll just need to pump that line up on my budget next time around. My agent had prepared me for a bit less.

Thanks for your quick assistance.

Greetings, I am closing on my first flip property on Monday and tonight I finally got the HUD (big hairy mess, foreclosure had already started, seller got notice but failed to mention it, but that's another story) and I was a bit surprised at some of the buyer closing costs and wanted to see what others think.

Background: I am buying the house for $190k, all cash, no financing. All the closing folks were selected by the agent who is representing me on the buy.

Here are the details of HUD section 1100 (skipping $0 lines)

1101: Title services and lender's title insurance - $750 (buyer)
1102: Settlement or closing fee - $450 (left of line)
1103: Owner's title insurance - $667.50 (buyer)
1106: Owner's title policy limit - $190k (left of line)
1107: Agent's portion of the total title insurance premium - $534 (left of line)
1108: Underwriter's portion of the total title ins. prem. - $133.50 (left of line)
1109: Title examination - $225 (left of line)

So, all told the title costs to me are line 1101 & 1103, which comes to $1392.50. That seemed high to me but any feedback I can get from the experts would be greatly appreciated.

Thanks

Jeff

Hey Rachel,

It's a great place to live, we have been here for 15 years now. Let me know when you start looking, maybe I'll have a flip ready for you <grin> or I can point you towards a few agents who are very familiar with the area.

See you at REIA

Thanks Curt. I just recently found out about the GA REIA so I will have to look into it further.

Michaela, Jacquelyn and John: Thanks for the friendly greetings. I'm looking forward to learning a lot from you folks.

Wes and Eduardo: I am planning to attend one or more of the Atlanta REIA events...specifically looking at the Beginners Investor Group, the Onsite Renovation Group, and the Atlanta North Meeting. Thanks for your input.

Hey James,

Thanks. I'm glad you think so. I was pleasantly surprised to see so many Johns Creek folks on here. Are you working any flips around here right now?

BTW, I checked out your website, very nice. One of the communities you have in your picture rotation is where I live :-)

Hope to see you around.

Thanks Adam.

Hey Eduardo, do you attend any of the REIA events around here? I am thinking of going to some but wanted some advice.

Hey everyone,

My name is Jeff Sanders. I have been reading and learning a good bit on BP for a while (so glad I found this site) but just getting ready to close on my first flip house next week. I am located in a suburb of ATL called Johns Creek and my focus is Fix and Flip of slightly higher priced single family homes with ARV in the 250k+ range. I still have a lot to learn but am ready to give it a shot.

Thanks for everyone who contributes here, great resource!