Home Buying in Philadelphia>Question Details

Malita215, Home Buyer in Philadelphia, PA

What are the out of pocket closing cost?

Asked by Malita215, Philadelphia, PA Thu Apr 11, 2013

I know the appraisal fee is listed on the estimate for closing cost although I have to pay that out of pocket. What other fees are typically paid out of pocket as well?

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This is something you need to discuss with your Lender and Realtor as this varies according to location.
0 votes Thank Flag Link Thu Jan 1, 2015
Title check, deed transfer, agent fees, and sales tax.
0 votes Thank Flag Link Thu Jul 4, 2013
In Minnesota, the average buyer's closing cost is about 3% of the sales price and in many cases it is part of the negotiated purchase agreement to have the seller pay this for the buyer. This is especially true in some FHA or VA loans where the amount of cash needed to buy a home for a first time home buyer is hard to come up with. The seller's closing costs are usually less than 1% unless they are assuming some or all of the buyer's closing costs.
0 votes Thank Flag Link Thu Apr 11, 2013
You should be asking a Realtor in the area you're buying but Alan is right with most of them. Any thing that is done that that person want to be paid for before Settlement if they will wait for Settlement the title company will put it on the HUD1 this is helpful if your getting seller's asst as in a VA mortgage there is no limit to the Asst from the Seller if in the Philadelphia area call me in my office 215-725-5700 X49

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152 215-725-5700 X49
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Thu Apr 11, 2013
In Philly it is generally appraisal and inspections that are Paid Outside of Closing, prior to settlement. The rest of your costs will be paid at settlement. There are no up front Mortgage Broker costs.
0 votes Thank Flag Link Thu Apr 11, 2013
Be sure to also budget moving expenses (Boxes, movers, van rental ect), utility activations, and time off from work if you have to take an unpaid day to close/move.

Depending on the area you could also have your escrows to set up such as taxes and insurance as well as HOA prorations, hoa initiation fees, and HOA clearance letter.

Some of the inspections (again, depending on the area) are termite, general inspection, radon, mold, stucco, pool, ect.

Best person to ask is if you have an agent/REALTOR. They will know what is custom in your area.

Good luck and Congrats.

Cassandra Bickel, REALTOR
0 votes Thank Flag Link Thu Apr 11, 2013
In my area they would be things like the inspection, Insurance premium, and any up front fees charged by a Mortgage Broker.
0 votes Thank Flag Link Thu Apr 11, 2013
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