Financing in 02453>Question Details

Maria Pedraza, Home Buyer in Waltham, MA

when buying a home or town house, who has to pay the closing cost and what it includes?

Asked by Maria Pedraza, Waltham, MA Fri May 4, 2012

im a first time buyer and i have no idea about it?

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0 votes Thank Flag Link Thu Jun 21, 2012
The mortgage brokers I work with will cover the closing cost while providing the lowest rate. Shoot me an email and I will help you make the connection.

Yuan's Team Realty
0 votes Thank Flag Link Wed May 9, 2012
Buyers pay for their own closing costs. When you make an offer however you can request a closingcost credit
0 votes Thank Flag Link Wed May 9, 2012
There are buyers closing costs and there are sellers closing costs.

For a buyer they include costs such as insurance, water bill (if less than 20% down typically), lender attorney fee, appraisal fee, recording fee, overnight mail fee, mortgage insurance if applicable, pro-rated property tax if seller pre-paid or there is a balance of time till next bill, same with any other bill the seller pre-pays and has time remaining on the bill, flood insurance if applicable.

For sellers their costs are: tax stamps on the price of the sale $4.56 per thousand, pay off any outstanding water bill, property tax any liens or encumberances on the title, attorney fee if used and any other outstanding bill to make sure the property is debt free at the time of the closing plus mortgage payoff recording and overnight mail fees.

For either party these can and sometimes are negotiated between the parties. In some cases the buyer asks the seller to pay their closing costs. It would all depend on the amount offered and if the seller is ok with assuming the charges. In many short sale or foreclosure situations buyers are asked to pay their own closing costs in addition to the sellers/lenders closing costs. Typically in this type of situation the short sale seller doesn't have the funds to close and lenders do not like to pay any fee they don't want to. This is why short sales are typically priced lower than market value and why many foreclosures are priced even lower.

Hope that was helpful,
0 votes Thank Flag Link Fri May 4, 2012
Hi Maria,
I would definitely recommend you get your own representation if you haven't already. Getting a buyers agent to assist you and represent you is of no cost to you. I'd also recommend taking a first time home buyer seminar (email me if you would like a list: Suerte
Web Reference:
0 votes Thank Flag Link Fri May 4, 2012
Hi..the buyer usually pays the closing costs. Sometimes you can get a lender to roll in the closing costs into the loan buy you would still be paying them. You can also ask the seller as part of your offer for money back towards closing costs but keep in mind the net offering price that the seller will be looking at. Your lender should be providing you with a good faith estimate that will detail the amounts of the closing cost items so there will be little surprise...

If I can be of help to you as a realtor, please contact me at 508 648-0393.

Hope this helps!
0 votes Thank Flag Link Fri May 4, 2012
Usually mthe buyer, but as stated below, some sellers are willin g to contribute. Start out by finding out how much you qualify for & then get an agent to help you.
0 votes Thank Flag Link Fri May 4, 2012
Closing costs - depends on the offer. It is about 1% of the purchase price and includes various state and federal registration, mortgage, title, and other fees, attorney's fees, pre-paid items (like taxes or condo fees, water/sewer, etc), and other miscellaneous costs of completing the transaction.

Typically, the buyer pays these. However, in the last few months I see more and more transactions where the initial offer asks for the seller to contribute so that the buyer can put more of that cash into down payment instead.

Let me know if you need help with your transaction! Waltham is a specialty!
0 votes Thank Flag Link Fri May 4, 2012
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