Closing Costs For Owner-Financing Sale

[TonyS]

What is the name of your state? Delaware

Hi. I need to know what closing costs are involved in an owner-finance selling situation. I understand that it is less than the traditional closing costs, which are 3-3.5% in Delaware.

I'd like to know what is different in the two closing situations, and where the money is saved.

Thanks
Anthony

[dmiller12]

I'd say for the most part you are saving the lender fees: loan origination fee, junk fees (commitment, underwriting, document prep or whatever is customary in your market) in addition to lenders title insurance. You'd still pay appraisal, title and state or county fees. As the buyer you still want to verify the value and clear title. Contact a title company or closing attorney to get a quote.