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Posts: 2
Reply with quote  #1 
Hi all. newby here with some financing help needed. I just bought a foreclosure for $39k and need to put 8-10k in it. I paid cash and was going to finance it after it was rented. I called Wells Fargo and they quoted me 3k for closing and 4.5 interest. I about fell over when they told me the closing cost. I expected a little higher since It was a rental but my lord that's 6%. My intent is to lease it with option to buy on contract. Anybody have a lender who doesn't charge this high price closing? Oh, my credit score is 780 plus.

Posts: 3,814
Reply with quote  #2 
Unforunately, that's about right.  The last property I sold for 39K had $3400 in closing costs.  That covered the Realtor's commission, taxes, paying off liens, settlement fees to the closing company, title fees, title insurance, title search, attorneys fees, courier fees, recording fees, deed prep, county tax stamps, surveying, etc.  I suggest you try to go with a local lender - one you can reach immediately to ask any questions you may have.  I'd avoid the mega banks and those predatory companies you see advertised on TV.  Too many people there to make anyone truly accountable.  Too many cases/files to reach them quickly.  Ask for a copy of a preliminary ALTA statement (HUD statement) to show you the fees.  Since this is a foreclosure, you may find several liens against it you didn't know about.

Posts: 3
Reply with quote  #3 
financial breakthrough...

Posts: 13
Reply with quote  #4 
$3k sounds about right for closing costs - it just seems high because the low cost of the house.
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Posts: 2
Reply with quote  #5 
I don't want to pay for a property manager or some big company, or I dont even trust lenders a lot lately you know. Its never known whe they might change their minds and their demands might increase! This is the soul reaosn I use rentigo for free and take the hit on the payment processing fee for my tenants and everyone is happy. 

Posts: 3,814
Reply with quote  #6 
If you have a contract with your property manager the fees cannot increase.  Much the same as fees cannot increase while under lease.  If you don't know this, you probably shouldn't be a landlord to begin with.

Posts: 5
Reply with quote  #7 
This is very hard to control all the matter by own shoulders

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Posts: 1
Reply with quote  #8 
Best thing to do is to consult with a local lender who can give you a good faith estimate of lending fees and closing cost. The biggest single closing cost will be commission - seller pays not buyer. But many closing costs will depend on the type of property; if land is included, land survey may have to take place. If you lack some cash to cover the costs, easy and quick loan services online can be a great option for such a situation.

Posts: 545
Reply with quote  #9 
2015, this post was dead.

Posts: 2
Reply with quote  #10 
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