How much might we be looking at paying out of pocket... if we sold a home for 81,000 and paid the buyers closing costs too? A good close guess would really help. We are in Lansing MI if that helps. We will not have any broker fees.
2007-07-03 02:04:43 · 7 answers · asked by 2Bad4U 3 in Business & Finance ➔ Renting & Real Estate
As we jus tfound out at our closing, there so many variables. We got extremly lucky because we have a close friend who is a lawyer, and family friend who was a mortgage broker, so they waived their fees. Our closing costs on a 350k house, including 6 months property taxes was only 3000. But thats extremly low.
Normally the standard is about 3% of the cost of the home. But like i said it really depends on many different things.
My guess for you is that it will be around 2k.
2007-07-03 02:08:39 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It doesnt have anything to do with the selling or purchase price of the home. Closing costs vary greatly from a couple thousand to many thousands. They usually include the mortgage companies costs (this is how they make money) as well as prorated property taxes. If you dont have a deal already - I would limit the amount to a % of the sale price or a dollar amt.
2007-07-03 02:12:47 · answer #2 · answered by hirebookkeeper 6 · 1⤊ 0⤋
NEVER agree to pay a buyer's closing costs are part of the deal. If the buyer has a somewhat unscrupulous lender and the lender discovers that the sellers have agreed to pay all the closing costs, just imagine how quickly those closing costs will rise.
Given your area, I would recommend agreeing to pay closing costs to a figure NOT to exceed a certain amount. $2000-$2500 would be reasonable.
2007-07-03 02:27:09 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
Who is doing the closing? They should be able to get you pretty close. You are pretty generous doing the buyers closing costs which can be quite extensive. I would cap that number. You can expect any state taxes or fee's, prorating of the property tax, title insurance (approx 1%), and any if you just refinanced you may have early termination fees.
2007-07-03 02:17:24 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Awesome answers given
2016-09-19 00:31:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
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2016-08-24 07:32:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You are prob looking at anywhere from $2,000-$3,500. Best of luck.
2007-07-03 07:10:24 · answer #7 · answered by Anonymous · 1⤊ 0⤋