Are there any closing costs you can skip if buying a house privately, such as home inspection?
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Are there any closing costs you can skip if buying a house privately, such as home inspection?
I am currently going into a private rent to own deal The property asking price is
$50,000 I am paying $5000 down and $800 per month for 5 years for a total of $53,000
The home owner is financing the mortgage.
Asked on January 26, 2017 under Real Estate Law, Alaska
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
A home inspection is to protect *you*, by warning you of significant or costly conditions or problems which might cause you to either pass on the purchase or possibly negotiate a price reduction or credit. Since it is for your benefit and is not being required by a third party lender, you can certainly skip that cost if you want (though doing so is unwise). Since you are getting owner financing, you can skip the appraisal, too--the owners knows what is house is worth and does not need an appraisal to decide whether and how much to lend. In essence, you can skip any cost for your benefit you wish to; and you can skip any cost for the lender's benefit that the seller does not require you to do.
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