The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Holyoak on April 19, 2015, 05:43:05 PM
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Been a long time since I purchased a home, so say you pay with cash; what buyers closing costs are you saving on going this route? How much will you save on say a $100k home in NE OH? Thanks.
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savings can be considerable. I live in Omaha, NE and buy rental properties. Same $70k property I was debating on using financing and closing costs would of been over $2,500. Paying cash my closing costs were about $800.
anything above the costs for the title work is just optional. Professional inspection, termite inspection, appraisal these are all things that a bank requires, misc. bank processing fees. I personally havent paid for any type of inspection or appraisal in many years. You can do the inspection yourself and the appraisal will usually come back very close to whatever the purchase price is you tell the appraiser (ridiculous regarding professional residential appraisers ).
now if you can cut the realtor part out as well as the bank, then you could be talking saving up towards 8% of the purchase price.
Again its the title company that does all the work and is actually the only needed party beyond the buyer/seller to any real estate transaction.