Closing costs in New Jersey

[Erez Friedlander]

Hi BP it's Erez here,

I am wondering if anyone could tell me the avg. percentage of closing costs in NJ.

I am looking at a all cash purchase in Cherry Hill, NJ.

Thanks in advance

[Jim Kennedy]

I wanted to talk a little about lowering the percentage by lowering the fees based on my experience as a buy and hold investor for the last 12 years, and also from the cash flow experience I have acquired as a CPA.

Title is usually one of the driving forces of the closing costs. We developed a relationship with a title company and after 304 deals, we asked if they could waive this fee and that fee...it ended up being about $75 from that day to today. The problem is that in a $150,000 purchase, $75 seems insignificant, and mathematically that is correct, too. However, take the big numbers away and imagine you suddenly had $75 in your pocket. I'm sure you could find things to do with it, so go for it! Found money is found money.

And even if you don't have a relationship, ask anyway. The wire fee, the copying fee...pick at the little charges. REMEMBER THIS: For 100% of the time, the questions you DON'T ask, the answer is always "No". Let us know how you make out!

Jim Kennedy, CPA