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Can I save much money on closing costs by paying cash for a house $ (located in Ohio)

The price of the house is $50K.
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August 26 2012 - Akron
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Answers (5)

Best Answer
You will have title fees (title insurance & title insurance)
Paper filing & recording fees
Inspection & survey fees if you choose to have them
Attorneys fee -if you plan to hire one
Misc. fees -could be courier or wire transfer fees
Real estate tax proration
The fees, type of the fees may vary -it depends what the contract states.
Because you are paying cash, you don't have to pay interest payments obviously, nor have an escrow account for property tax and insurance attached to a mortgage
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August 26 2012
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Ok, so i just purchased a house for 330,000 for cash, my closing costs were 600 for attorney fees and document filing.  I didn't buy title insurance that's what I paid the attorney to do is search the title for defects.  No loan fees, no inspection fees either I inspected it myself.  Everyone has there hand out in the home buying process and I avoid them.
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June 20 2013
Most of the closing cost fees are associated with a loan, such as lender fees and prepaids (like HOA, taxes, loan payments, ect.), so yes, by paying cash you would save money on your closing costs.
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August 27 2012
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Thank you both  for the info !
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August 27 2012
Fees can very depending on whether there is an HOA involved with transfer fees and title company and potential legal fees, pro rated taxes, home inspections, etc...However, when you buy a home cash, yout don't have to pay any of the fees involved with getting a loan, which at a minimum would probably be close to three thousand dollars.  So yes, you can save money in closing costs by paying cash.  Also, paying cash may help you get a slightly better deal on the house if you can close quickly, because then the seller doesn't have to worry about potential financing ccontingencies, appraisal issues, etc.
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August 26 2012
 
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