Closing Costs

posted 3 years ago in Home
Post # 3
1162 posts
Bumble bee
  • Wedding: May 2014

Sellers won’t usually agree to pay for closing costs unless it’s a specified amount or percentage. Closing costs are different for everyone. 

Our sellers agreed to pay $3000 towards closing costs. You could ask the sellers to pay 70% or something like that. So whatever was over that we had to pay. However, we got a first time homeowners grant so we didn’t pay much out of pocket.

Post # 4
603 posts
Busy bee
  • Wedding: March 2013

@Meant2Bee:  I agree with this that’s usually how it works but speak to your realtor for a better idea of how it works in your area and the likelyness they will agree to pay any.

Post # 5
547 posts
Busy bee
  • Wedding: April 2013

Where I am, you have to put in the offer how much you want them to cover (dollar amount). When we talked to our lender they said both conventional and FHA allow for 3% of the sale price covered in closing closts. Its called a sellers concession, so basically you want to buy a 100k house with 3% sellers concession,  so the sellers would actually only get 97k. Its basically like financing the closing costs, because instead of them paying the costs you could buy the house for 97k. Like everything else with home buying, its confusing haha.

Also, say the closing costs are less than the sellers concession, the extra money can go toward your escrow account for insurance/ prepaid taxes

In our preapproval, we got quoted approx. 5000 for closing costs on a 200k mortgage. But do your research on lenders because our credit union will cover about 500 of it since were first time home buyers.  

Post # 7
8282 posts
Bumble Beekeeper
  • Wedding: July 2012

Our seller refused to pay closing costs. 

Post # 8
1162 posts
Bumble bee
  • Wedding: May 2014

@AB Bride:  Try a credit union. We used Navy Federal (who unforunately have AWFUL loan officers) but they gave us a $2500 grant because we were first time homeowners. That grant and the loan interest rate were worth the poor communication in our opinion. 

Post # 9
127 posts
Blushing bee
  • Wedding: September 2013

@AB Bride:  We asked the sellers to pay a specified amount in closing costs. We ended up agreeing on $2500. I’m not even sure what fees are all included. Our lender estimated our closing costs around $2000 so if thats correct we are going to use the remaining $500 to pay our first year of home insurance. 

Post # 10
47 posts
  • Wedding: June 2012

We ended up paying all the our closing cost as the buyer, and the seller paid all of their closing costs. Our closing cost mainly was property taxes and home insurance. Where as the seller was the title search and all that fun stuff. We decided to cover all our closing costs as an incentive to accept our offer.

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