covering closing costs

you need to know what is included in your closing costs; usually a 'good faith estimate' is given to you specifying the costs.

One way for you to pay zero in closing costs is to have a buyer lined up, and you assign the property to the buyer who will pay for the closing costs + your assignment fee.
You can also avoid out of pocket closing costs by 'leasing' the property; you have your tenant-buyer give you a deposit large enough to cover the closing costs...
If you intend to hold the property however, you can always borrow money from a PML to cover the closing costs as well, and once you refinance or sell, you use those funds to pay the PML-no money out of your pocket...

wishing you success,
Valerie

What does this include? Appraisals? Are you financing with a bank? Banks like to stick in added costs for their closings.

Always get one on every deal, so there are no surprises and you can iron out everything before closing date.

on a $49,000 house? dont sound right

DOUG, WHERE are you located? fill out your profile info

As Val above stated , you should have got a GFE showing closing cost,etc

whats your exit strategy?

maybe you could have closing rolled into loan

I just closed on a $145,000 w/ $1990 closing cost

I think Valerie covered it quite well in the post above, but just to add, sometimes closing costs include items like prepaid taxes or insurance. So things like that can drive up the costs, but at the same time you're just paying for the items upfront. Finally, depending on the lender if you're financing it, they'll require 3-6 months of escrow (taxes and insurance) payments too.

- Tom

If you are getting a loan for the purchase you should have recieved a Good Faith Estamate. In a Good Faith Estamate it will break down the costs of the loan and the closing cost as well. That is something that should be provided when getting a loan.
If you are paying cash closing cost should be less. Get a break down of closing cost from the title company.
Either way you are buying the property, with a loan or with cash, $4000 is way to much money for closing costs.