Home Buying in Silver Spring>Question Details

Fixcar, Home Buyer in Silver Spring, MD

I am planning to buy a condo in the 20906 area what are some of the cost involved in the closing. does condo fees cover all utilities?

Asked by Fixcar, Silver Spring, MD Tue Nov 3, 2009

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Most unit in 20906 are newer buildings (post 1980) and will have lower condo fees that cover water, sewer, trash, snow removal, CAM insurance, and common areas. You will have to pay your own gas and/or electric as well as cable and phone. I still think this is a better deal then some of the 'all-inclusive' buildings downtown that can charge $600 or more every month for condo fees.

The cost of closing really depends on your loan situation.
If you are doing an FHA loan with less than 20% down then you have to bring a MINIMUM of 3.5% of the sales price personally to the closing table. All other costs can be neogiated as part of the deal.
"Closing costs" on loans generally vary between 3-5% of the sales price, although sellers will often assist buyers with these costs.

Other special loans have different requirements and I would have to get a better idea of your personal situation to offer better advice.

Good Luck.
Courtney
0 votes Thank Flag Link Sat Jan 9, 2010
The answer is, "it depends." Each lender and settlement company has their own fee structure that affects your closing costs. In general, you can expect that in Montgomery County these run between 1% to 2% of the price of the house. Similarly, you will have taxes at about the same level on top of your closing costs.

As for condo fees, again, "it depends." Some condos have everything iincluded, while some have almost none. You will need to investigate that on a case by case basis. Your Realtor should also be able to help you get that information quickly. But be advised that condo fees are generally higher than home owner association or HOA dues because they cover more (usually).

If you need the assistance of a Realtor, I am at your service..
Web Reference: http://www.alexsaenger.com
0 votes Thank Flag Link Mon Jan 4, 2010
That depends if the lender is charging points and origination fees or not. Also the escrowing of taxes differ from month to month. I would ask a lender to provide you with a GOOD FAITH ESTIMATE of a particular property that you are considering buying to use as a guage.
If you are a First Time Home Buyer and work in Montgomery County, there is Down Payment and Closing Costs Assistance available (there are other requirements)
This site explains how it works http://www.maryland-fha-loans.com/HOC.html
Good Luck,
Mario
0 votes Thank Flag Link Thu Nov 12, 2009
I would need to know which condo you are talking about to answer the question on utilities.

Some of the cost in closing include
- loan origination fees - depending on your lender.
- settlement attorney fee - depending on the closer used.
- prepaid county property taxes
- State transfer fees - normally shared between buyer and seller, Buyer side may be waived if first time home buyer.
- Count transfer fees - normally shared between buyer and seller.
- County recordation fee - based on the purchase price of the home.

Give me a call (301) 237-2277 to discuss in more detail.

- count
- atleast one months condo fee
0 votes Thank Flag Link Tue Nov 3, 2009
Fixcar,

Closing costs can vary by lender and closing company. You an use a calculation for a rule of thumb but it is better to talk to a lender for a more accurate estimate.

Regarding condo fees covering the utilities, it depends on the condo.

Please contact me directly to discuss specifics and I can help you get teh information you need.

Jay Schlaffer, Weichert Realtors jschlaffer@weichert.com
Web Reference: http://www.jayschlaffer.com
0 votes Thank Flag Link Tue Nov 3, 2009
Each condo has its own items that r covered.
I can send u a sample settlement sheet(items and $ only) for u to understand thes.
U can figure app. 4% of sales price as the settlement costs for the buyer.
rgds,
Ramesh Chandra
703 635 8209
mepcigroup@gmail.com
0 votes Thank Flag Link Tue Nov 3, 2009
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