can someone list all the fee ico of buying a house in detroit mi?

Question

i wish to know every closing cost and an estimate for that fee i wish to spend around 30 000 on a fixer upper
please just don't include a estimate for all fees realtors help me out i am interested in speaking with you
example

inspection ???
survey ???


something like that

Answer 1

Are you getting a loan? What type of loan? Are you getting an inspection? and a pest inspection? Are you having a survey done or is there an old one that would still be valid that you can use? Are you going to set up an escrow account to take care of the taxes and insurance? How will the house be insured? (as a rent house-just for fire or as a home including contents) Who will be paying for the title policy?

No one can really tell you these figures without knowing a lot about you and your plans. I would recommend that you talk with your loan officer to get a good faith estimate (if you are getting a loan). I would recommend that you talk with your Realtor to get a good estimate if you are using a Realtor. I would recommend if you are paying cash that you get a title insurance policy and a structure and liability insurance policy-no one will require that you get these but you would be foolish not to.

I would also recommend a pest control and structure inspection but if it is basically a tear down maybe that doesn't matter.

Answer 2

Every lender will have it's own list of closing fees. They negotiate charges with vendors so that the charges they control are always the same. Title work varies from state to state. Call around and they'll give you an idea of the costs of the title insurance and their charges.

I made a few assumptions, i.e., this is for a primary residence, not investment property, and you have no down payment. In most cases, the seller can pay about 3% of the purchase price in closing costs, not to exceed the amount of the closing costs. So is the purchase is $30000, the seller can pay about $900.

We tend to call everything due to be paid at closing "closing costs", but that's inaccurate. There are items that are officially closing costs, but there are also other charges that may apply that are not really closing costs. When the lender quotes closing costs, be sure to find out if he means closing costs or all charges due at closing.

Here's pretty much what you can expect:

Actual Closing Costs
appraisal -- $325 and up
flood certification -- $6 to $10
tax service contract -- $50 to $100, or nothing
lender's processing fee -- $0 to $???
Title work -- $400 more or less
Survey -- $90 and up

The title insurance is based on the loan amount, and the appraisal and survery may be more based on the size/value of the property and the trouble it is for the appraiser or surveyor to do the work.

Other fees, not officially called closing costs:
Recording -- $70
Escrow opening funds -- 3 months each tax & insurance, probably about $120 based on $30k value.

Some lenders will charge you one full year's hazard insurance at closing too, probably about $120.

Interim interest may be due at closing depending on how the lender's pay schedule works. If the loans are always due on the 1st of the month, then there'll be interim interest. Sometimes it's called daily interest or per diem. It's the interest due for the month in which you close. It's figured like this: loan amount * interest rate / 365 = daily interest. Then you mulitply that number by the number of days from closing until the last day of the month. If the loan amount is $30000, rate is 7.125%, the daily interest rate is about $5.86. If you close on Oct 10, you owe 21 days of interest for October, then your first payment is probably December 1. This is the daily rate only for the first month. Every month it's different because the pricipal balance is different.

Inspections are the province of the buyer. The lender has no interest in the inspection. HOWEVER, do not think you can save $400 by skipping the inspection. You need the inspection unless you like buying a pig in a poke.

The lender will prepare a good faith estimate for you, even before yuo actually apply. These are always estmates until they see the actual charges, but they can usually give you a pretty good idea of the costs.