I often get a call saying, “I’ve found a property that we want you to work on. How can I save money between now and closing?”
You’ll need a survey to close on the property (for the title company). If we’re doing anything more than remodeling, get that surveying company to do all items required for a City of Austin permit, such as a topographic study, tree study, etc. This will save you about $700.
Shop around for a bank with the best deal. Keep in mind that a lot of the fees on a HUD statement are negotiable, like the Origination Fee. This could save a thousand dollars or more.
Get a One Time Close. This means you get a loan that will allow you to: buy the property, do construction, and modify into a long-term mortgage all at the same time, and you will not have to pay separate closing costs such as Title Policy, Origination Fee, etc. This saves thousands of dollars.