Home Buying in 29445>Question Details

Nosun27, Home Buyer in 29445

Buyer's closing costs vs Customary fees and costs associated with closing?

Asked by Nosun27, 29445 Thu May 12, 2011

In a counter offer I received from a seller it says "Seller to pay for customary fees and costs associated with
closings in this state" and "Seller will pay a maximum of $0.00 towards Buyer’s closing costs(this includes non-allowables, pre-paid and points)." I was wondering what is the difference between these customary fees and costs associated with closings vs buyer's closing costs. At first, just from talks, it seemed like the seller was going to cover up to a certain amount of closing costs but when I finally seen in on paper it says they will pay a max of $0 towards closing. Thanks

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Sounds like if they put 0.00 in the contract, they don't plan on paying any of the buyers closing costs. Typically when buying a home, you also have to consider the cost for an inspection (can be 250-400, depending on the size of the home), many banks will have you pay for the appraisal (another 400) and for your credit report up front (15). After that, you will have traditional buyer closing costs, unless your super savvy real estate agent negotiates a deal in which the seller pays for your closing costs. The rule of thumb is that closing costs can run about 3% of the purchase price when working with a lender. Those costs include the property insurance on your new home, surveys if required/wanted, attorney fees (approx. 300), title examination, escrow deposits and lender required reserves, prorated property taxes, the cost of obtaining your loan, any discount points. . . . it sounds intimidating, but working with a good Realtor and a strong lender can help guide you to a happy house hunting experience.
0 votes Thank Flag Link Mon May 23, 2011
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