What closing costs are there on a cash deal? (arrears, 3%, agent)

[CloudyDaysForever]

I'm under contract to buy a house with cash only. I didn't ask the sellers for any closing costs. Now I'm trying to figure out what kinds of costs I will incur and how much they are, but my Realtor is being no help. I don't want to show up to closing and find out that the title company decided to charge me 50% more than normal, because they knew I could afford it, and my Realtor really wants me to use his title company (which is in the same office building as him.)

I know my Realtor told the sellers of the house I'm buying that the "Inspection turned out fine and we planned on moving forward" before I even talked to him about it! I wouldn't be surprised if he said something idiotic to the title company as well.

[loss.mitigation]

Originally Posted by CloudyDaysForever

I'm under contract to buy a house with cash only. I didn't ask the sellers for any closing costs. Now I'm trying to figure out what kinds of costs I will incur and how much they are, but my Realtor is being no help. I don't want to show up to closing and find out that the title company decided to charge me 50% more than normal, because they knew I could afford it, and my Realtor really wants me to use his title company (which is in the same office building as him.)

I know my Realtor told the sellers of the house I'm buying that the "Inspection turned out fine and we planned on moving forward" before I even talked to him about it! I wouldn't be surprised if he said something idiotic to the title company as well.

Hi, what kind sales is it ? a conventional one or a short sale ? it will help determine an accurate response...........

[Racelady88]

I have bought my last 2 houses with cash. Closing costs have been a couple hundred dollars each time.

[Mike1306]

It depends what the contract says.

Who is paying for the title search and title insurance?

Are taxes paid in arrears where you are or not? This could either mean a credit to you or a cost to you.

Did you ask your agent what the closing costs were?

[middle-aged mom]

Some municipalities charge the buyer a transfer tax.

Your agent, by law, cannot benefit from a referral to a title company.

You agent should be able to give you a decent estimate of your closing costs, now. If not, call the Managing Broker in his/her office.

[FlaLadyB]

I am jumping in here with just a quick post... ask who is the TITLE COMPANY that is closing for you and get them to give you the HUD closing estimate. If not a Title company ask the attoney who is closing to give you a complete list of everything.. DONT CLOSE WITHOUT IT and go through all the fees. In todays closings the fees are negotiable on either side. As a cash buyer from a homeowner what does your contract say you are paying? LOOK and read it! Someone not giving you what you are paying is unacceptable. Closing fees for a cash sale can vary if you are paying for title etc.

[CloudyDaysForever]

Ok, I requested charges (I did this at the same time as posting my first message.)

Here they are:
Broker Commission Flat Fee $345
Settlement or Closing Fee $225
Title Exam $140
Title Insurance Premium $852.75
Recording Fees $46
Recording Services Fees $25

It looks like I'm paying the Title/Closing company about $1300. Which seems like a lot, but it is hard to say. ($235k, Minnesota)

Now, here's my big question. If in my Real Estate Agent Contract, it says that he is only being paid 3% and no fee, is this "Broker Commission Flat Fee" a bogus charge?

[loss.mitigation]

Originally Posted by CloudyDaysForever

Ok, I requested charges (I did this at the same time as posting my first message.)

Here they are:
Broker Commission Flat Fee $345
Settlement or Closing Fee $225
Title Exam $140
Title Insurance Premium $852.75
Recording Fees $46
Recording Services Fees $25

It looks like I'm paying the Title/Closing company about $1300. Which seems like a lot, but it is hard to say. ($235k, Minnesota)

Now, here's my big question. If in my Real Estate Agent Contract, it says that he is only being paid 3% and no fee, is this "Broker Commission Flat Fee" a bogus charge?

Everything else seems extremely reasonable with the exception of the broker
that needs to make their mind up about accepting a commission vs a flat fee.

It's either one or the other........

p.s. Since you are paying cash and this realtor seems to be uncooperative
I would suggest a point reduction in their commission and/or have the seller
contribute towards the closing, since you are doing them a favor by
paying up with cash. Good luck

[FlaLadyB]

p.s. Since you are paying cash and this realtor seems to be uncooperative
I would suggest a point reduction in their commission and/or have the seller
contribute towards the closing, since you are doing them a favor by
paying up with cash. Good luck

WHY would you suggest that pay cash is doing the Real Estate agent a "FAVOR" and it's ok to ask them to cut their commission!!!! Both the agent and the Seller still gets their money no matter if you do cash or a mortgage.

Yes, find out about which "fee" is what they are getting but what I see in his statement is the Broker is getting ONLY $345 which means the AGENT is getting lots less than that plus he/she pays taxes on what they DO get and pay all their own expenses in finding someone a house.
Gimme a break here!

[checking out]

I appologize if someone already offerred this but here goes. Title insurance, that is the lender's portion, will not be required in a cash deal. It's up to you whether you want to take the risk and not have buyer's coverage.