(Closed) Closing Costs

posted 8 years ago in Home
Post # 3
Member
106 posts
Blushing bee
  • Wedding: May 2010

We had the seller cover the closing costs, becuase those things seem to add up quickly! 

Post # 4
Member
4385 posts
Honey bee
  • Wedding: May 2011

I’ve always heard 3%, ours were about 2.2%, so it sounds pretty normal. FI’s mom is a real estate agent so we knew all of this right off the bat, so I wasn’t too surprised, but I wasn’t happy either!

Post # 5
Member
2703 posts
Sugar bee
  • Wedding: September 2010

Ditto @ Ottawa, we were always told 3% of the value of the home… i think ours ended up being around 2%… and we had the sellers pay for it as part of our deal!

Post # 7
Member
2083 posts
Buzzing bee
  • Wedding: May 2010

i know!! i didn’t even know there was such a thing as closing costs until we started looking for homes – it sounds like a bit of a rip off if you ask me! ours ended up being about 6% of home value! we ended up getting the buyers to pay half, but STILL i was like are you kidding me?? i wasn’t even anticipating it at first – we were like “oh sure we have enough for a down payment” but then tack on some more thousands and it became a major stressor.

Post # 9
Member
70 posts
Worker bee
  • Wedding: October 2010

Ours is 2.3%… we knew that going into it, but its still a scary amount!

Post # 10
Member
542 posts
Busy bee
  • Wedding: August 2010

I think I’m sitting on the other side, afraid of a future buyer asking me to pay closing costs!  I wasn’t so smart when I bought my townhouse several years ago and didn’t put much down, and with the tanking of the house market, it is on the market at my break even point.  Any price drops or paying closing costs makes it a money losing event- which I get is unfortunately common these days.  So far my selling experience has been a bit of a reality check, and I think that even though we’re spending a fraction of what we’re approved for, I think the buying experience will be the same!

Post # 11
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

I always heard 2-3% of the cost of the home.  Don’t forget you have to prepay some of your real estate taxes and insurance along with prepaying a month or two worth of interest.

Post # 12
Member
3943 posts
Honey bee

Ours will end up being around 2.5%, but part of agreement is that the sellers will pay up to $5,000 for closing costs.

Are you able to finance any of that additional $4K into your loan? I know thats not idea, but thats a lot of money to have to come up with, on top of everything else!

Post # 13
Member
4024 posts
Honey bee
  • Wedding: September 2010

We were told 3-4%, but ours weren’t quite that high. It was included in the purchase price though too, so we didn’t have to pay anything at closing.

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