Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Closing Costs, Inspection, etc.
Can anyone tell me roughly what kind of closing costs we might be looking at if our offer is accepted on a house? We are paying cash and it is a bank owned home, so I am not completely sure what fees come with closing. Also, if we get the home inspected and there is a significant problem (say with septic or something pricey like that) is there any wiggle room with a bank owned home? We are signing the contract today and I want to be sure that I know what needs to be written into the contract so that we don't miss something and end up having to replace something pricey (hopefully that won't even be an issue, BUT it is an older home).
Re: Closing Costs, Inspection, etc.
Will you be requesting assistance from bank on closing costs? That will make a difference in how much you pay at closing.
For us, closing costs were $8K with owner assisting with $2K: we had originally requested $5K but he said no and only helped with $2K.
Typically there is no wiggle room with banks on foreclosures for repairs.
I'd make sure your contact with the bank has a contingency statement allowing you to walk away if you are not satisfied with the results of the inspection.
This.
We are closing on January 10 on a foreclosed home. Our closing costs will end up being about $7K. We did have to pay for the inspection and appraisal ($675) as well as transfer stamps ($437.50 for our area).