Real Estate Investors - Don't Close Your Eyes To Closing Cos
Sunday 17 February
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When buying or selling real estate closing costs can come as
a shock. Here's an explanation of the various expenses:
Most lenders require a down payment of from zero to 20% for
a normal home purchase.
Lender's Loan Origination Fee
Government regulations allow 1% origination fee on FHA or VA
loans. Conventional loan fees can vary from 1 to 3 points or
more. A point is 1% of the loan.
About $300-$500. Non refundable.
$50-$60. Non refundable.
Tax Service Fee
In some areas a charge of approximately $75 by a tax service
company to verify to lender that taxes are actually being
Fee of approximately $250 up to 1% of the loan balance charged
by existing lender for permission to assume existing loan.
Pest Inspection Fee
A fee of $100 - $175 is charged for inspecting property for
wood destroying organisms (termites). Customary for the seller
At buyer's option: property inspections that cover foundation,
electrical, plumbing and overall construction at a cost of
$300-$400. Roof inspections cost $75-$125. Geological reports
about $100. Septic $200-$400. Radon $50-$100. Asbestos
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