just curious, is there a rule of thumb as far as the percentage of a house purchase that all closing costs and fees would be? theres a house ive had my eye on that hasnt been occupied in a while. theres a sign on the door, my guess is either condemed or forclosure, hopefully the later as it looks to be in decent shape, just hasnt been maintained. i imagine when this goes on the market the bank selling it wouldnt be open to paying closing costs.
anyone ever buy a house that was condemed or forclosed on?
If you talk to a mortgage broker you will get a rough idea of what fees they charge, taxes you will need to pay up front, down payment… Once you go threw the loan application you will get a good-faith estimate which will list everything and should be almost exactly what closing cost will be. I was lucky as my closing cost were 2k less that what was expected.
I was unlucky and I had to write a check for $1800 on the spot as they missed a tax line in the good faith estimate. I was pretty pissed… Two months later I get a check for $900 and the lawyer said the clerk doubled the tax line It was a disaster. Estimating is pretty hard to do, just be sure that you are not draining your bank accounts to make it happen. If I hadn’t had that extra couple thousand at a moments notice I would not have closed.
I think those are usually cash-only deals, so your closing costs would be your lawyer fee for like $500, a title search for like a grand, and you sure as shit will want title insurance for a few hundo.
thanks, it sounds like there are too many variables for there to be an approximate percentage that closing costs are. ill need to call around and find out.
adam, no it is not on campbell. its on bear ridge. looks like it has an awesome view out the back as its up on the ridge and its nothing but fields and woods behind it all the way to the railroad beds
no, but very close. i believe the house number is 7136. after doing some searching on that link it shows that it was occupied and taxes paid in 2010, but it doesnt look like anyone lives there…its a bit run down looking(truck in driveway hasnt moved in atleast a year, gutters falling, paint flaking badly, grass mowed only once this year, never see any other cars there when driving by, etc) it shows the taxes in 2010 were $3200, and its assessed at $82k. but they estimate it at $105k on that website. it does not look like its worth nearly that much with how it looks.
but for what its worth, i checked out my parents house on there which is a minute away, and they estimate it being valued at 122k, when the assesment is only $95.7k, with last years taxes at $5700. and realistically my parents say the house is only worth 60k, it is only so high because of location. the house is actually a piece of crap lol.
edit…just talked to my mom and apparently there is alot of incorrect information on that website. no wonder some of it seemed rediculous.
It was a disaster. Estimating is pretty hard to do, just be sure that you are not draining your bank accounts to make it happen. If I hadn’t had that extra couple thousand at a moments notice I would not have closed.