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Cash Buyers under a million dollar price point in the Santa Clarita Valley cities are not very common. Most people are using financing to buy residential real estate under that dollar amount.
When you talk about buying over 3m in Beverly Hills, Brentwood, Bel Air – etc – those home buyers are going to be using cash and very few will be using financing.
A home buyer’s closing costs – the costs which are tagged onto the purchase of residential real estate consist of three things.
The Lender’s Fee
The buyer’s part of the escrow fee
The buyer’s part of the title insurance fee
As you can see – if you are a cash buyer of real estate – the “lender’s fee” is not part of your fees. Therefore, your closing costs as a cash buyer will be approximately 1.5% of the purchase price and that would include your part of escrow, title insurance and proration of property taxes.
I hope this helps clear up the real estate closing cost amounts and gives you some additional insight into purchasing real estate in the smartest of ways.
When you are ready reach out to me directly via SCVnest.com or by calling. I still pick up the phone 🙂 661-400-1720