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LIgrlatheart
LIF Adolescent
Member since 7/06 638 total posts
Name:
christi
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negotiaing closing costs
when do you do this?
i know you can negotiate or "fight" certain fees/costs etc...
when does this take place and how do you do it..
do you ask ur lawyer to do it?
any help greatly appreciated
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Posted 6/20/07 11:28 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: negotiaing closing costs
I could be wrong but I think you can only negotiate closing costs when you use a broker because they throw in so many fees. With a bank I don't think it would work. Again I am not really sure so someone else may know.
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| Posted 6/20/07 11:35 AM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: negotiaing closing costs
I think the last post is correct. When dealing with a direct lender or bank there is no room for negotiation.
You can choose to not escrow your taxes or ask that the application fee be waived.
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| Posted 6/20/07 3:53 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: negotiaing closing costs
When we put our offer to the seller, we told our REA to negogiate the closing costs (we had the sellers pay the entire amount of the closing costs).
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| Posted 6/20/07 4:34 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: negotiaing closing costs
Posted by leighdvm
When we put our offer to the seller, we told our REA to negogiate the closing costs (we had the sellers pay the entire amount of the closing costs).
wow! where do you live???
they paid or you got a sellers concession?
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| Posted 6/20/07 4:50 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: negotiaing closing costs
Posted by leighdvm
When we put our offer to the seller, we told our REA to negogiate the closing costs (we had the sellers pay the entire amount of the closing costs).
you live in NC right?
I am looking OOS- and most people will pay the closing cost or the builder will
the closing costs are so high in NY b/c of the mortgage recording tax (I think that's what it's called) there is no getting out of that
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| Posted 6/20/07 4:59 PM |
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NJmom
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Member since 8/05 4987 total posts
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Re: negotiaing closing costs
i think the only thing you could possibly negotiate are the lender fees. you might be able to get the bank to waive application, appraisal, credit report, etc. We used Chase and the only fee we had was a $395 application fee, but they also gave us a $500 credit at closing so we didn't really end up paying anything. Banks will also sometimes try to lower their fees if you find a better deal through another lender. I think you would need to negotiate these things before you submit your application.
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| Posted 6/20/07 7:26 PM |
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Re: negotiaing closing costs
I also want to add that like another poster said you could not escrow your taxes and HO but some banks may charge you for not doing it. We went with Bank of NY and this is what they told us.
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| Posted 6/21/07 9:49 AM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: negotiaing closing costs
Posted by Seles81
I also want to add that like another poster said you could not escrow your taxes and HO but some banks may charge you for not doing it. We went with Bank of NY and this is what they told us.
This is true! Our mortgage is with ABN Amro and we were charged about $800 to waive escrow (we didn't know about this fee until we had to sign the paper at the closing).
For us, it was totally worth it, we needed a whole years' worth of taxes at closing and we'd rather save it ourselves in a high interest account.
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| Posted 6/21/07 11:22 AM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: negotiaing closing costs
Posted by Beth1210
Posted by leighdvm
When we put our offer to the seller, we told our REA to negogiate the closing costs (we had the sellers pay the entire amount of the closing costs).
you live in NC right?
I am looking OOS- and most people will pay the closing cost or the builder will
the closing costs are so high in NY b/c of the mortgage recording tax (I think that's what it's called) there is no getting out of that
You are correct, the builder paid all closing costs (it was about $5,000). I'm in NC
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| Posted 6/21/07 1:58 PM |
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