Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Las Vegas: Green Hills

Figuring Closing Costs on Your Las Vegas Home Purchase

How Much Are Closing Costs on a Las Vegas Home Purchase?

This is a good question and there is no blanket answer!  There are too many variables coming into play here!

Purchasing a lower priced Las Vegas property (Under $75K) that is financed – you could quite possibly pay up to 6%:  Some lenders have larger % fees (even though they are making less $$) for low priced properties, an agent charged transaction fee (around $250-495) and Freddie Mac or Fannie Mae as sellers with their tax exemption could add a half percent (0.51% in Clark County NV to be exact) for transfer tax.  This could round you up to 6% in closing costs EASILY on a $50K home purchase.

The best way to estimate BEFORE you put an offer in on a house is to:

  • Ask your agent what their “transaction fee” is – some charge a transaction fee, some do not.
  • Find Title Cost Calculators like ORTC’s Fee Calculator Online
  • Request your lender to give you an estimate of their lending costs in writing.
  • Figure out if the seller is exempt from paying transfer tax (such as Fannie or Freddie) and if they are exempt, take the purchase price x .0051 (Clark County NV residents only.)
  • Add other non-seller paid incidentals to this amount (home inspection, homeowner’s insurance, tax prorations, HOA transfer fees, appraisal, re-inspections, home warranty, etc)

Cash Buyers can do the same thing except requesting the lender to give an estimate of their lending costs.


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 12 commentsRenée Burrows • November 29 2010 09:53AM
Figuring Closing Costs on Your Las Vegas Home Purchase
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