What are the approximate closing costs to each the buyer and the seller if a house sells for $287,000 in Boise with the usual 20% down?
2007-08-19 15:32:05 · 8 answers · asked by itry007 4 in Business & Finance ➔ Renting & Real Estate
We just closed a few months ago on a house worth $170K. We had a little under $5K worth of closing costs, but they were all paid for by the seller.
2007-08-19 15:35:59 · answer #1 · answered by FaZizzle 7 · 0⤊ 0⤋
It depends on the state where the property is located. The Real Estate closing costs are pretty easy to calculate for both buyer and seller.
The cloisng costs for the mortgage is complicater. You should ask the lender for a good faith estimate that will give you a summary of all closing costs involving the mortgage. Your Real Estate Agent or the Title Company can give you a Net sheet which shows the seller exactly how much money he will get at closing after deduction of all costs. For the buyer there can give them a figure how much money in addtion there have to bring to closing - for both Real Estate closing costs and Mortgage Closing costs
2007-08-19 17:10:16 · answer #2 · answered by Monika Wilson 4 · 0⤊ 0⤋
The cost for the buyer will be: the appraisal fee, the title insurance and title search,state tax stamps, recording fees, homeowners insurance premium and reserves if escrowed, taxes city and county depending on where you buy, any points or origination fees if you are financing, and attorney fees.
The cost for the seller will be the sales commission if listed with a realtor normally 6% of sales price, warranty deed, taxes.
2007-08-19 15:47:56 · answer #3 · answered by yourmtgbanker 5 · 0⤊ 0⤋
such vague answers , here it is
287k with 20% down is financing a loan for about 229k
the usual 3% on 229k is ....
6,870.00 in closing costs
lawyer may be additional +750
inspection may be additional +300
seller has to pay 6%
and depending on real estate commission 3-6%
the average with everything is about 10% so they will fork over about 28 grand
2007-08-19 15:43:46 · answer #4 · answered by chris_sockets 2 · 0⤊ 0⤋
Closing costs are also dependent upon what type of loan, what agency you go through, etc. For a VA loan, such as what I got, most closing costs are waived. So, it depends upon what type of loan.
2007-08-19 16:04:07 · answer #5 · answered by Nothingusefullearnedinschool 7 · 0⤊ 0⤋
Here is a very cool closing cost estimator
http://www.realestatefinance.com/ccost.php
2007-08-19 18:19:26 · answer #6 · answered by _ _ 1 · 0⤊ 0⤋
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2016-10-08 21:08:02 · answer #7 · answered by ? 4 · 0⤊ 0⤋
mine was about 2,000 here in Ohio
2007-08-19 15:35:02 · answer #8 · answered by fayem7 5 · 0⤊ 0⤋