Closing Costs/ Market Chance

[Tymofiy Kondrak]

Hello BiggerPockets community, would any of the Philadelphia area people be willing to explain all the costs when buying a house (closing, tax, title insurance etc.). I was at a Redfin meeting today and they were saying how fast properties move in 2017 and how many offers there are on properties. Do I even have a chance in Philadephia market as a newbie?

Question specific to the area people, direct message me for my number so we can chat.

[Zachary Paul]

If you are buying in Philadelphia County get ready for the 4.1% Transfer Tax (typically split between Buyer and Seller: 2.05%/2.05%).

Title Insurance is regulated by the State of PA, however, is based on Purchase Price. 

Taxes - depends on what has already been paid / will be pro-rated. 

Other miscellaneous closing fees such as appraisal, notary fee, recording, etc.