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nicolelmsw
LIF Infant
Member since 2/11 187 total posts
Name:
Nicole
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Closing Costs...HeLp!
Does anyone know what the average price of closing costs are these days for both buyers and sellers?
We're looking in to selling our co-op and as far as I know our responsibility for closing on selling our place would be realtor commission and attorney fees?
I'm more confused as to what people have been paying at closings after purchasing a home recently?
Thanks!!
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Posted 3/14/11 8:37 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Ma-n-Pa2008
Mommy's Big Boy
Member since 3/09 2584 total posts
Name:
Melissa
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Re: Closing Costs...HeLp!
we figured our closing costs would be around $15K, but they were closer to $12K.
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| Posted 3/14/11 8:52 AM |
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Re: Closing Costs...HeLp!
It can vary, but on average, I would say closing costs for the buyer are around 6% of the purchase price.
For the seller, aside from the realtor's fee, additional closing costs are usually pretty minimal (I'd say around 1%).
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| Posted 3/14/11 8:57 AM |
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nicolelmsw
LIF Infant
Member since 2/11 187 total posts
Name:
Nicole
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Re: Closing Costs...HeLp!
wow, so for a house purchased for $300,000 we should expect to pay around 18K on closing costs...puts things in perspective!
Thanks for your help :)
Message edited 3/14/2011 9:05:46 AM.
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| Posted 3/14/11 9:05 AM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: Closing Costs...HeLp!
Posted by Century 21 Dallow - Christine Braun
It can vary, but on average, I would say closing costs for the buyer are around 6% of the purchase price.
For the seller, aside from the realtor's fee, additional closing costs are usually pretty minimal (I'd say around 1%).
I believe a portion of the buyside is to prepay your taxes -right?
If that's the case, it's important for people to realize you've already paid a portion of your taxes for the year.
Message edited 3/14/2011 9:09:37 AM.
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| Posted 3/14/11 9:09 AM |
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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Re: Closing Costs...HeLp!
Ours (buyer) was about 15k
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| Posted 3/14/11 9:13 AM |
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Re: Closing Costs...HeLp!
Your bank or whoever you are using for a lender should provide a "good faith estimate" of closing costs to you, which breaks down all of the expenses. It's usually provided at the time you apply for the loan.
There are some one-time fees, such as fees associated with the title company and recording the deed, included inthe costs. Then there are items that you are pre-paying. I believe if you are escrowing your taxes and homeowners' insurance, then you usually pre-pay a percentage of the annual cost at closing.
But your mortgage person would be the best one to discuss the details with and they can probably give you the best estimate, given they know your situation and it can vary based on the circumstances.
Hope this helps!
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| Posted 3/14/11 9:43 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: Closing Costs...HeLp!
Ours wound up being about 5% of the purchase price. Much higher than the GFE but there were some extenuating circumstances.
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| Posted 3/14/11 10:05 AM |
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MrsBurtch525
Year for change!
Member since 1/09 6017 total posts
Name:
Taryn
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Re: Closing Costs...HeLp!
We paid just under $5k for our closing costs...
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| Posted 3/14/11 10:44 AM |
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