Fees and Closing Costs Associated with a Wholesale Deal

[Shawn Burns]

Hi BP, 

I am wondering what closing costs and other expenses I should be aware of when assigning a contract?

I would like to be able to let the seller know what to expect when closing and similarly what to expect the buyer to cover. I know there will be costs for the attorney, title search and any unpaid taxes. What else am I missing and what fees are typically negotiable?

Thanks for the help,

Shawn 

[Brandon Vukelich]

Everything is negotiable.  On a typical deal, we usually negotiate that seller is responsible for their mortgage balance and we (future buyer) is responsible for both sides title, escrow and our local state excise tax.  It adds about 5% to the purchase price but we try to keep the math simple for sellers.  They owe $80k, we offer them $180k and then they know they'll clear $100k at closing.  Best wishes on your journey!