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Started By
Message
Closing costs seem high - right or wrong?
Posted on 10/12/17 at 7:58 pm
Posted on 10/12/17 at 7:58 pm
We are buying a foreclosure to fix and turn into a rental. Closing costs, not including prepaids or down payment, are roughly $3700. Seems like they've included a fee for everything. Does this seem accurate? Purchase price is 93,000
8
Posted on 10/12/17 at 8:13 pm to TJP
Go with a provider that doesn't have fees?
Posted on 10/12/17 at 10:21 pm to TJP
are you paying cash? if you are financing that is dirt cheap closing costs.
Posted on 10/12/17 at 11:35 pm to Fat Bastard
quote:
if you are financing that is dirt cheap closing costs
Uh what?
Posted on 10/13/17 at 2:04 am to Fat Bastard
Assume cash
Posted on 10/13/17 at 8:56 am to Fat Bastard
Property will be financed. We are putting down 5%. We will refinance as an investment property after the renovations are complete. 
Posted on 10/13/17 at 9:52 am to TJP
Depends on what state you're in. How much of those are title co. fees and how much of them are lender fees?
Posted on 10/13/17 at 11:20 am to TJP
Average closing costs are about 3%
Seems a little high
Seems a little high
Posted on 10/13/17 at 11:45 am to TJP
Is any of that for points on your rate?
Posted on 10/13/17 at 12:37 pm to TJP
That's not too high. Lender and title company have set fees now matter what the price is
Posted on 10/13/17 at 1:01 pm to TJP
Post the fees from your settlement statement and what state you're in and it'll be a lot easier to tell.
Posted on 10/13/17 at 1:05 pm to BACONisMEATcandy
quote:
Average closing costs are about 3%
Seems a little high
Yeah but that's on all loans, loans under $100k always have higher closing costs as a percentage because many things have somewhat set fees or the fees are not a percentage. So it just costs more for a $100k home than a $250k home.
OP, I'd be happy with that. I looked into getting a $60k property financed and it was like $5500 in closing costs with a higher rate also. Mortgages under $100k no one makes as much money and the work is all basically the same, so the fees are just higher.
Posted on 10/13/17 at 4:20 pm to TJP
If it's in the BR area, I could probably get you a better deal. Drop your email if you want a quote.
Posted on 10/13/17 at 9:23 pm to LSU1018
It’s under 4%. You’re either worried over nothing or busting balls for no reason.
Back in the day we used to absolutely knock people’s dicks in the dirt compared to that. I’m not bragging. Many junk fees and back end stuff were company mandated. Couldn’t waive it if we tried. But think about it...$930=1% of purchase price. 4%=$3,720.
Lot of variables unanswered but my gut says you’re fine.
Back in the day we used to absolutely knock people’s dicks in the dirt compared to that. I’m not bragging. Many junk fees and back end stuff were company mandated. Couldn’t waive it if we tried. But think about it...$930=1% of purchase price. 4%=$3,720.
Lot of variables unanswered but my gut says you’re fine.
This post was edited on 10/13/17 at 9:24 pm
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