Home Buying in Chicago>Question Details

Lbinchgo, Home Buyer in Chicago, IL

Are closing costs in Evanston less than Chicago? I am shopping for my first condo.

Asked by Lbinchgo, Chicago, IL Wed Nov 6, 2013

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Jaqueline Smith below had the best answer to your question and I'd like to reiterate what she said. Where do you want to live? What is your style of lifestyle? Where do you think you be happiest? Where will you get a bigger bang for your buck when you decide to move onto the next place but where will you have to best experience now? Saving some dollars is great but not at the cost of sacrificing your happiness.
1 vote Thank Flag Link Thu Nov 7, 2013
Thank you.
Flag Thu Nov 7, 2013
The marginal difference in the transfers stamp costs between the city and Evanston and possible the water certification costs are not significant enough to base a city of choice decision on.

Which area do you want to live in, which area is more likely to appreciate and be easier to rent or sell once you are ready to move on? What amenities do you want to be close to?
1 vote Thank Flag Link Wed Nov 6, 2013
yes. Seller pays evanston transfer stamp where as in chicago buyer is responsible for the municipal tax which is one of the highest in the state
1 vote Thank Flag Link Wed Nov 6, 2013
As mentioned previously you have transfer taxes in the City of Chicago of $3.75 per $500.00 of the transfer or sales price.

http://www.cityofchicago.org/city/en/depts/fin/supp_info/rev…

Other than that the location should have no bearing on closing costs.

Kelvin B. Waits
VP of Mortgage Lending
Guaranteed Rate
630 925-7854
1 vote Thank Flag Link Wed Nov 6, 2013
You wouldnt have the transfer stamps that you have in Chicago.
1 vote Thank Flag Link Wed Nov 6, 2013
Hi...
Closing costs would vary by the two locations primarily because of property taxes and for transfer taxes. Lender fees, attorney and title fees, etc., shouldn't really vary because of the location in this case.
If you have other questions please feel free to contact me, I'd be happy to help.

Have a good evening,
JP

JP Marzano
NMLS # 574681
1st Advantage Mortgage
jp.marzano@1amllc.com
312-608-1555
1 vote Thank Flag Link Wed Nov 6, 2013
Chicago is more expensive for a lot of things and this is one of them. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Nov 9, 2013
If the difference in closing cost is slowing you down it may be time to step back and take inventory. Is it fear or an actual shortage of funds? Sellers are allowed to pay some or all of the buyer’s closing cost on every traditional mortgage type. Whatever the problem is, get it done before the prices and interest rates go up again.

Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Thu Nov 7, 2013
To further clarify on transfer taxes, customarily the seller pays the state and county transfer taxes and municipalities are on a case-by-case basis. In Evanston, for example, the seller pays $5.00 per $1,000 of sales price (plus state and county taxes). To compare to the City of Chicago, the seller pays $3.00 per $1,000 of price while the buyer pays $7.50 per $1,000 for a total of $10.50 per $1,000 going to the City of Chicago.

However, if the property is a foreclosure owned by Fannie Mae or Freddie Mac, these two entities are exempt from paying transfer taxes regardless of state, county, or municipality. In this case, the buyer is responsible for all transfer taxes paid at closing (state, county and city).

As a first-time buyer, please check out my profile and read about my specialties. I am recognized by the Illinois Housing Development Authority (IHDA) as the #1 Originator in Illinois of 1st Time Buyer special financing programs. There are a number of unique things I can do that are unique to the marketplace when purchasing a condo.

Jason

Jason Accola | Senior Mortgage Consultant
NMLS#: 755894 | Wintrust Mortgage
40 W. Hubbard St, 2nd Floor, Chicago, IL 60654
(312) 462-7732 Office | (312) 316-3000 Mobile
jaccola@wintrustmortgage.com
0 votes Thank Flag Link Thu Nov 7, 2013
Bellow a good answer. ......
0 votes Thank Flag Link Wed Nov 6, 2013
you got your answers below :)
0 votes Thank Flag Link Wed Nov 6, 2013
I see you received great answers for your question. I have a great first time condo for sale in Evanston. Let me know if you would like to hear more about it.
Thanks!
0 votes Thank Flag Link Wed Nov 6, 2013
Chicago would likely be slightly more expensive.
Evaluate the Assessments and Taxes as well.

Should you need any assistance feel free to contact me.
0 votes Thank Flag Link Wed Nov 6, 2013
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