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I put a full asking price offer down on a foreclosure going for $ 60,000, and asked the seller to pay 4% closing costs ($ 2,400). How much do you think I will have to pay in closing costs? I live in Michigan, if it makes a difference. Thank you much!

3 Thoughts on What is the typical amount of closing costs a bank-owned home that is $60,000?
  1. Reply
    July 30, 2011 at 8:00 am

    Closing costs, I wouldn’t think much more than 1000 bucks, 3400 total. You will probably need a down payment if you are getting a loan.

  2. Reply
    July 30, 2011 at 8:22 am

    well im in mi to and am buying a home as i type lol.. but my closing cost is 2500 on a 28000 home so i no yours should be just a lil more ..idk if this helps

  3. Reply
    Ed Atun
    July 30, 2011 at 9:07 am

    Your costs will include your first month’s mortgage payment, one year fire insurance, half year property tax, a title insurance policy on your loan if you are getting one, a paperwork fee to the title company, a loan origination fee, appraisal fee. SHould be around $ 2,400.
    But if your closing costs do not reach the $ 2,400 limit, tell the escrow officer to have the remaining money used to pay your fire insurance for 2 years.

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