Home Buying in 92503>Question Details

Lisa, Home Buyer in 92503

I am looking to buy a house in Riverside for 237,000. Can someone estimate what closing costs might be? Thank

Asked by Lisa, 92503 Sun Aug 3, 2008

you in advance to anyone answering:)

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Lisa,
Since your question was from 2008, I hope that you successfully got into a nice home. If you didn't--or if anyone else out there has the same question, here's my answer:

It would be an excellent idea to talk to a mortgage lender about this, since we have a number of ways to help with closing costs. The most-often used are lender rebates and grant or first-time buyer programs. In the current 2013 market in the Inland Empire, competition to get your offer accepted is too tough to handicap it by asking the seller for help in the traditional way of making an offer at a certain price and then requesting that the seller pay $2000-6000 in closing costs. Generally speaking, the best way for a buyer to proceed is to get their financing plan all lined up by working closely in advance with a local lender so that they can beat out the buyers who haven't done this.

Be patient, do your homework and you will win! I wish you the best of luck.
--Kevin
0 votes Thank Flag Link Thu Apr 25, 2013
Lisa - typically closing costs run about 3% of the sales price. Contact your mortgage lender or Title Co, - The mortgage company should have already given you a Good Faith Estimate and the Title Company can tell you to the dollar how much that will be.
0 votes Thank Flag Link Wed Sep 3, 2008
We're purchasing in the same area, now in escrow. The seller is paying all closing costs plus a $3K deposit towards repairs- ie- carpet replacement, etc. Seller/Lender owned is also providing a one year, full home warranty including the pool. I recommend working with an FHA lender such as Cambridge Funding Group in Orange, CA. Lyle Shelton; he's been in the funding business for over 25 yrs Lisa. He can break down all cost-estimates, closing fees, inspection fees, escrow deposits, even assist with down payment options, estimates and alternatives. FHA also has a Streamlined 203 loan for certain situations which acts as funding to repair and update lender owned homes in disrepair. This is on the HUD gov site. Your team should be your real estate agent and your lending representative so that the moment you do find the house you are comfortable with making an offer on has the funding portion ready to go that same day. I recommend having money ready for a full home inspection prior to signing lender addendum of "as-is" conditions; approximately $250-350 depending on your home AND your loan structure: FHA inspections include Health/Safety programs (which is to your benefit). You can also double check your list/offer prices with recent sales in the area (today's market past 6 months) and in close proximity to your house. This isn't actually an appraisal of value, but it would give you a good idea of how the focused market of where the home is located is doing. I noticed you wrote of square footage in other comments.. this is not necessarily a good indication of value; how a home appeals to buyers and presents ie-sq footage doesn't = value. You can check sales on socalmls.com public property searches. It allows you to see what's for sale, what's pending and what's been sold. The regional mls will allow you to survey what's available but has much less information per home statistics. These are just little things you can do to become a more educated buyer. One example: you may find a $215K house listing and offer $220K having the lender/seller pay all closing costs and warranty and deposit towards repairs/termite damage. A quality broker like Cambridge will also walk you through some options.. plan on a 45 minute appointment just like you would have had with your realtor or find out who the realtor utilizes for brokerage/lending assessment and recommends. Request a copy of general "good faith estimate" at that appointment. Best of luck.
0 votes Thank Flag Link Wed Aug 27, 2008
Hi there Lisa, The closing cost will all depend but allow $ 9-12k . It may be less but it depends if you have the sller pay some of them. I can helop you put together a great offer and have the sller pay the closing costs whci will save you this money?

Let me know if you are interested in this
Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
(714) 552-6817
michael-barron@sbcglobal.net
0 votes Thank Flag Link Sun Aug 3, 2008
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