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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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$14,000 in closing costs???
Does this seem way too much to anyone but me???
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Posted 1/15/07 11:05 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: $14,000 in closing costs???
Closing costs are tough to give a general # to. There are too many variables to consider - oil, taxes, etc.
That said, no, I don't think that is too much - I've heard a lot worse and a little better.
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| Posted 1/15/07 11:08 AM |
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Re: $14,000 in closing costs???
Not really. I think it is usually 1-3% of the sale of the house. Our closing cost weres $21K I think.
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| Posted 1/15/07 11:08 AM |
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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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Re: $14,000 in closing costs???
Wow, this is our first time - so that number just kind of shocked me a little!
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| Posted 1/15/07 11:09 AM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: $14,000 in closing costs???
DH is expecting our to be about $13,000
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| Posted 1/15/07 11:13 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: $14,000 in closing costs???
Ours were about that
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| Posted 1/15/07 11:15 AM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: $14,000 in closing costs???
I was hoping for 13,000, but they ended up over 16,000
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| Posted 1/15/07 11:24 AM |
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SweetT
LIF Adult
Member since 4/06 1305 total posts
Name:
Ali
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Re: $14,000 in closing costs???
14k is an average number. I think we paid more than that though.
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| Posted 1/15/07 11:36 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: $14,000 in closing costs???
it really depends on the purchase price. We are purchasing ours for 272K and our estimated closing costs are $8,900.
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| Posted 1/15/07 11:41 AM |
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tray831
Dee-licious!
Member since 3/06 5355 total posts
Name:
His Baby
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Re: $14,000 in closing costs???
No, cuz mine would have been $2K more than that. I did a few of these when they told me........
Message edited 1/15/2007 11:53:29 AM.
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| Posted 1/15/07 11:53 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: $14,000 in closing costs???
It depends on the interest you will owe for the month, the taxes you will owe for the tax period, and a few other "fees" which are only included in NY! Great.
It's possible that number is right.
One thing, when we closed we were estimated at $13000..it came in at 10,800..most of the time they estimate high.
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| Posted 1/15/07 12:06 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: $14,000 in closing costs???
that's about what i paid
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| Posted 1/15/07 12:12 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: $14,000 in closing costs???
unfortunately, that is about average.
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| Posted 1/15/07 12:26 PM |
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LMFitz
life is good
Member since 5/05 2013 total posts
Name:
L
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Re: $14,000 in closing costs???
Average - we just paid $19,500. 
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| Posted 1/15/07 12:31 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: $14,000 in closing costs???
That's about average. Sadly....NY state taxes too much during closing too!
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| Posted 1/15/07 12:40 PM |
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SupportACop
Momma's Boy & Lovin' it!!
Member since 5/06 2579 total posts
Name:
C
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Re: $14,000 in closing costs???
We paniced with that number but yes you need at least 15K for closing...we are doing a buyers consession? something like that...where we inflated the price of the house so we can get that back 10K at closing and we have the extra 5 needed..If and when you close on a house ask your REA about it...if you need more info FM me!!Good Luck 
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| Posted 1/15/07 1:31 PM |
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Laura1976
Member since 5/05 5754 total posts
Name:
Laura
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Re: $14,000 in closing costs???
they told us ours would be over 18K, it ended up being around 14K .
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| Posted 1/15/07 1:42 PM |
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2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
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Re: $14,000 in closing costs???
 actually thats seems right....ours was close to that too.
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| Posted 1/15/07 1:48 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: $14,000 in closing costs???
unfortunatly thats what mine were
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| Posted 1/15/07 2:03 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: $14,000 in closing costs???
ours were way higher than that.... it was crazy.
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| Posted 1/15/07 2:06 PM |
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Re: $14,000 in closing costs???
Posted by SupportACop
We paniced with that number but yes you need at least 15K for closing...we are doing a buyers consession? something like that...where we inflated the price of the house so we can get that back 10K at closing and we have the extra 5 needed..If and when you close on a house ask your REA about it...if you need more info FM me!!Good Luck
This is what we did also for $15K and we found out the real price a few hours before the closing and we nearly fainted. Luckly we had the money in a seperate savings account but if we didnt we would have been screwed.
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| Posted 1/15/07 3:46 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: $14,000 in closing costs???
$14K is normal unfortunately.
It's based on the sales price - 1-3% is a rough estimate.
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| Posted 1/15/07 4:07 PM |
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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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Re: $14,000 in closing costs???
Wow, the cost for closing is really unbelieveable. Did anyone roll the costs into their mortgage?? Is that even an option??
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| Posted 1/15/07 4:25 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: $14,000 in closing costs???
Posted by Tracey
Wow, the cost for closing is really unbelieveable. Did anyone roll the costs into their mortgage?? Is that even an option??
yes, its an option...its called a sellers concession. but the house needs to appraise for the purchase price PLUS the closing costs in order to qualify for it. so dont even try for it unless you have the funds as a backup.
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| Posted 1/15/07 5:07 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: $14,000 in closing costs???
Posted by Tracey
Wow, the cost for closing is really unbelieveable. Did anyone roll the costs into their mortgage?? Is that even an option??
Yes, it's expensive. However, lots of people roll the closing costs into the mortgage. It's not an atypical request. But as noted above the value must be there to cover the cost of the house plus the closing fees.
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| Posted 1/15/07 6:33 PM |
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