Private 'cash' sale.. expected closing costs?

[marragtop]

What is the name of your state? Md
I'm in the process of selling my dad's (deceased) house located in Baltimore City Md. The house is fully paid for, and I'm essentially selling it to a speculator as the house needs considerable work. He has made a fair offer (120k) but stated that I should be prepared to spend about 8k on closing costs. We didn't get into any other details yet other than he mentioned that there was a 3% transfer fee. The research I've done so far, indicates that in Md the transfer fee is only .5%, so I have concerns about the 8K estimated closing cost. My question is... what types of closing costs/fees should I expect in a deal such as this? No relators are involved, and this is supposed to be a cash deal. Any and all replies are appreciated.

thanks,
Mike

 

[seniorjudge]

What is the name of your state? Md
I'm in the process of selling my dad's (deceased) house located in Baltimore City Md. The house is fully paid for, and I'm essentially selling it to a speculator as the house needs considerable work. He has made a fair offer (120k) but stated that I should be prepared to spend about 8k on closing costs. We didn't get into any other details yet other than he mentioned that there was a 3% transfer fee. The research I've done so far, indicates that in Md the transfer fee is only .5%, so I have concerns about the 8K estimated closing cost. My question is... what types of closing costs/fees should I expect in a deal such as this? No relators are involved, and this is supposed to be a cash deal. Any and all replies are appreciated.

thanks,
Mike

You are about to get screwed. Hire a real estate lawyer or a real estate agent immediately if not sooner.

 

[PghREA]

Ditto to Seniorjudge's reply. You should have someone representing YOU.

 

[John Se]

Just put it on the market and see what you get

You will probably do better, but to answer your question, you only have to pay for a title ins policy, and half the escrow fees (usually) and whatever that transfer tax is.

 

[seniorjudge]

You will probably do better, but to answer your question, you only have to pay for a title ins policy, and half the escrow fees (usually) and whatever that transfer tax is.

Depends on what the contract says....

As I pointed out, he's a-fixin' to get the big one.

 

[PghREA]

You will probably do better, but to answer your question, you only have to pay for a title ins policy, and half the escrow fees (usually) and whatever that transfer tax is.

And the lien letters for property taxes, water and sewage.

 

[nextwife]

And the lien letters for property taxes, water and sewage.

Plus prorations on water/sewer and property taxes.

In addition: any payoffs, code compliancxe inspections, seller recording fee (such as mortgage satisfactions or lien releases), seller side doc prep, ( make certain the docs are properly executed, notarized, in recordable form and recorded).

We Cheeseheads are spoiled, as all fees, including search, exam and premium for owners policy, municipal letters, doc prep of deed, transfer form and seller closing statement, disbursing through title company, AND state transfer tax on a $120,000 Sales Price could be had for under $1000.

Some states also have rental weatherization inspection certificates, if selling to a non-owner-occupant.

 

[FlyingRon]

You will probably do better, but to answer your question, you only have to pay for a title ins policy, and half the escrow fees (usually) and whatever that transfer tax is.

Why on earth would a seller pay for title insurance?

 

[Ohiogal]

Why on earth would a seller pay for title insurance?

Psst... why on earth are you posting on a six year old thread?

 

[FlyingRon]

Psst... why on earth are you posting on a six year old thread?

Because it showed up in the NEW POSTS and I didn't notice the date on the original post.
Someone posted on it recently and it was REPORTED so the post immediately prior to mine is gone.

 

[Mass_Shyster]

Because it showed up in the NEW POSTS and I didn't notice the date on the original post.
Someone posted on it recently and it was REPORTED so the post immediately prior to mine is gone.

Someone with a really great website that calculates closing costs decided to share with us.

 

[Ohiogal]

Because it showed up in the NEW POSTS and I didn't notice the date on the original post.
Someone posted on it recently and it was REPORTED so the post immediately prior to mine is gone.

I was CONFUSED! That happens at times. And you usually don't necropost.

 

[Mass_Shyster]

One of the new features is that the date the thread was started shows up in the list of posts. It's helped me spot old posts before replying.