A Question About Sub 2
A friend told me she bought a house sub2,and her closing cost were 1,800.00,This did not seem right because in sub 2 the loan stays in the owners name so where do the closing cost come from.Wouldnt the lender know if there were closing cost involved.
Sorry about the qquestion but it is the only way to learn,I have dealt with tax sales but i want to venture further
Tim
Tim,I have never had any closing cost on a subject2. Maybe this was moving and resettlement money for the homeowner. Just a guess.
Okay Thanks for the info I was just wondering didnt sound right I wiil pursue this further
Tim
"Closing Costs" could also include things such as a professionally done title check, costs to close at a title company or notary fees.
In one of my investment areas, the attorney fee will be $400, the deed preparation fee $50, recording fee $20, total transfer fees for both state and county is one percent of the sale price. Not too hard to get to $1800 closing costs and that is even before I purchase owner's title insurance.