C Tann-Starr's Outside Blog

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Closing Costs for First Time Home Buyers

 

Veronica reminded me about some excellent points regarding closing costs.  I thought this would make an excellent talking point for my outside blog. Don't forget to select  the link so you can read Bonnie's blog. Regards, Carolyn. 

 

Sticker shock for buying that first house must also extend to the closing costs fpr many people. I just sent a rough estimate to a prospect I am working with so he can plan his finances. Many times sellers will help out with a concession at closing. However, many of the properties this client is considering are bank owned and I do not expect them to be much help in this area.

The biggest items on the closing cost sheet are usually the loan origination fees, the title insurance and the 3 month tax escrow. Then there are all the other fees such as the attorney, survey (if needed), recording fees not to mention adjustments.  The buyer can expect to see $8000 or more due from him at closing even on a modest property. As realtors we need to be sensitive to these expenses and try to educate our buyers so they are prepared. We can also suggest some ways to minimize some of these fees.

Happy Selling!

Veronica "Bonnie" DeCarolis

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Comment balloon 4 commentsC Tann-Starr • September 10 2008 05:09PM

Comments

Hi C,

Good post for those agents that work with first time home buyers. Closing cost mount up real fast. The heads up is also a good topic of discussion for seasoned buyers. I recently saved a buyer big bucks by directing them to a mortgage broker we use. The lending institution they were using were charging fees so excessive they were boarder line illegal.

Posted by Harold "Hal" Place (A1 Connection Realty, Inc.) almost 10 years ago

Hi Carolyn It is so important for an agent to make the buyer aware of closing costs which in NY can really mount up.  They should have received an estimate of closing costs from the bank when they applied for the loan but these are estimates and can be off, especially if they are using an out of state mortgage company.     

Posted by Paddy (Patricia) Pizappi, Real Estate Associate Broker Hudson Valley NY (Better Homes and Gardens Rand Realty) almost 10 years ago

Good morning Hal, thank you for weighing in. I certainly do appreciate the heads up. This is a tough market so every single bit of savings we can bring to the table to help a buyer and seller close on their contract is important to me. Buyers really need to be aware of this issue. Without the buyers, the sellers can't move their inventory.

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) almost 10 years ago

Good morning Paddy, great talking point about the out of state generated mortgages. A lot of buyers are aggressively shopping around for the best deals and some times are not aware of the potential of additional costs beyond the good faith estimate. They need to be reminded that it is, after all, an estimate. :-)

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) almost 10 years ago

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