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Which costs are potentially negotiable in closing costs

Asked by Trulia, San Francisco, CA Sat Mar 3, 2012

Are there negotiable and non-negotiable closing costs?

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Some closing costs may be negotiable between buyers and service providers.Your lender may negotiate certain fees, such as application & loan origination fees. Usually the origination fee is 1% of the loan amt.. Also some legal fees may be negotiable, but typically not. Obviously, these are fees that are discussed and decided upon when considering lenders and attorneys. However, fees charged by these providers should not, alone be the deciding factor as to who you choose. It is much more important to make sure you select a.reputable mortgage company & attorney who can get you to closing with the least amount of effort & on time. That is what you are paying for. Title insurance fees between different companies ary slightly, but usually the difference is not worth shopping. Other closing costs are fixed.
1 vote Thank Flag Link Sat Mar 3, 2012
Different lenders and loan programs dictate what concessions are allowed. Your mortgage broker will consult with you and your realtor on what is allowed, and how to structure the contract accordingly.
1 vote Thank Flag Link Sat Mar 3, 2012
It all depends on your Lender and ofcourse the Seller. Typically you can cover your bases by saying for example: "Seller to Pay Up To $3,000 in Closing Costs, Pre-paids, Allowables and Non-Allowables". You ALWAYS need to put a Dollar Amount in the Contract because if not you and the Seller with go back and forth on What is a Closing Costs and what is not a Closing Costs. I always recommend using a Realtor because this is after all the Biggest Investment of Your Life.
1 vote Thank Flag Link Sat Mar 3, 2012
Anything in realestate is negotiable. You can be as creative or straightforward as you want to be.
1 vote Thank Flag Link Sat Mar 3, 2012
Closing costs are normally established by your lender and attorney, and vary with every closing. There really isn't much that you can negotiate as far as that's concerned. What you can negotiate is who pays for the closing costs. In today's market it's very common for buyers to ask the seller to pay for their closing costs as an incentive to purchase the property. If you have any other questions please call me at 843-789-9860. Thank you!
0 votes Thank Flag Link Mon May 14, 2012
In many cases I have given up a portion of my commission into the contract and on the HUD to help my client make the deal. At least I think that's what a Good Buyer Agent should do. Also in New Construction many of the builders give agents Bonus Commission. I will give it up into the contract and on the HUD Financial Sheet if it also helps my client. Lou Russo Carolina One Realty
0 votes Thank Flag Link Sat Mar 3, 2012
Typically everything may be consider negotiable. Some are common and some are not. If you are looking for a house here in the Charleston area give me a call or email me. I will help you figure it out. Also, remember you can ask the seller to pay for all or some of your closing costs!!!

Debbie Knowles
843-609-8998
debbieknowles@kw.com
0 votes Thank Flag Link Sat Mar 3, 2012
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