Profile picture for cliftonpugh

Buying a Foreclosed Home

If I buy a foreclosed home with an accepted offer of $12,500, what would be my estimate closing cost? I was told that it would be $10,000

  • October 26 2013 - Tobyhanna Township
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Answers (8)

Profile picture for Bert Pope
Closing costs are costs other than the purchase price i.e. prorated taxes etc.

whomever is doing the closing for you should break this down for you as well as you purchasing title insurance to protect yourself against any previous liens.

good luck, sounds like a great buy.
  • November 01 2013
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Profile picture for cliftonpugh
Here is the printed estimate of closing cost.
Right click the image and view in a new tab.
 
  • November 01 2013
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Profile picture for j3350489
Your realtor should have gone over that with you . Or who ever is doing your title search
  • October 31 2013
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Profile picture for CallTheSisters
Transfer tax in PA will be 250.  You pay both sides when you buy a foreclosure.  Title insurance, recording the deed, taxes which may be in arrears.  You might have to pay 2014 in advance.  The taxes could run you up quite a few thousand.

Who is handling the closing for you?  What extra charges are being added? You should have a printed estimate of closing costs.
  • October 29 2013
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Profile picture for user634473
I just bought foreclosed home a few months ago outside Atlanta. It was an all cash deal, and ended up paying $650 for closing costs. Title insurance was another $300, plus prorated taxes. 

I agree with John, about unknown repairs. I ended up spending $2500 to repair the water main within weeks of closing on the house. As long as you get title insurance, you dont really need to worry about liens. They'll do a title check before they'll issue a policy.
  • October 28 2013
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Profile picture for John Reeves1
This should be approached with caution - there is a lot of risk such as liens on the title and unknown repairs. Also, cash is typically required on hand at this stage if you beat the bank's bid and win the auction.  
  • October 28 2013
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If you are paying cash your costs could be as little as a few thousand dollars. You should do a title search to make sure the property doesn't have any liens against it, if possible.

Leslie
  • October 26 2013
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Profile picture for triciaJenkins1
It depends on where the home is located, taxes, HOA, etc...
  • October 26 2013
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