Are there any closing costs you can skip if buying a house privately, such as home inspection?

UPDATED: Sep 30, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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