Financing in Caloosahatchee>Question Details

Pcm, Home Buyer in Caloosahatchee, Cape...

Why are closing costs $7800 for a 260K home in cape coral? this isn't including prepaids that are around $7K?

Asked by Pcm, Caloosahatchee, Cape Coral, FL Fri Sep 3, 2010

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Is this home a foreclosure? If it is, Fannie Mae/Freddie Mac owned, some of the closing costs typically paid by the seller like the documentary tax stamps are shifted to the buyer. For a $260,000 purchase, the doc stamps would be $260,000 x .0070 = $1,820.

For the Trulia community to better assist, get the details regarding the $7,800 closing costs from the HUD-1 and post them here.

Good luck with your new home!
Web Reference: http://www.gulfreturns.com/
0 votes Thank Flag Link Thu Sep 9, 2010
Typically in Lee County, the Seller pays the closing costs such as Owner's Title Insurance Policy, Title Search Fee, Closing Fee, and the Documentary Stamp Tax on Deed. The Buyer, if financing, typically pays for the intangible tax, tax on the note, and a small closing fee. There are other Endorsements, too that are usually paid by the buyer and required by the Lender. The property taxes are usually prorated. You should question your Loan Officer to explain to you in detail your GFE. If this is a foreclosure then the customary rules change. I would talk to your Realtor and your Loan Officer. They should be able to explain it to you. I like to use this link to get a rough estimate of closing costs http://www.sarasotaclosings.com/ClosingCostCalculator.shtml (copy and paste in browser) It is not exact, but a good start.
0 votes Thank Flag Link Wed Sep 8, 2010
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