Home Buying in Indianapolis>Question Details

Trulia, Other/Just Looking in San Francisco, CA

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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Yes, some costs like the wire fees, state fee, appraisal fee, recording fee etc....are fixed fees. Your agent can get quotes from title companies for closing fees. Some are lower than others but usually not by much.
An inspector may let you add the inspection fee to the closing costs. The commission is paid for by the seller for both agents.
Some agents have buyer fees or admin fees (whatever they name it) and those are negotiable. I do not charge any but they can range from $125-$300 or more.
Most buyers today ask for closing costs ($3,000 on average) to be paid for by the seller. You should consider in your offer price that you are asking for those.

Good Luck,
1 vote Thank Flag Link Sun Mar 4, 2012
A lot of the buyer's closing expenses can be negotiated. Even some of the prepaids. Usually, the seller prefers to put a dollar limit on the amount; but it is basically whatever the buyer and seller agree. Best to talk with a mortgage professional to get not only an accurate estimate but also to get pre approved so you will have leverage when you find your dream home.
1 vote Thank Flag Link Sun Mar 4, 2012
I have also negotiated the home inspection and even home repairs.
1 vote Thank Flag Link Sat Mar 3, 2012
If you are looking to buy in Indy, it could depend on the type of loan you getting, but the closing costs you could potentially negotiate are the loan origination fees, pre-paids, discount points, closing fee, title fees, lender title insurance premium, and there are other costs that aren't necessarily closing costs that you could negotiate as well, such as the survey, home warranty, etc. Your realtor and lender should be able to give you some specific advice on that. If you aren't currently working with a realtor and have more specific questions, please feel free to contact me.
1 vote Thank Flag Link Sat Mar 3, 2012
I gotta say to Jeff...you da man! If I am reading this right, you were the buyer's agent, and you got the sellers to pay for the buyer's inspection...you are either above average when it comes to negotiations, or that other agent was a complete idiot, ha ha! Way to go!
0 votes Thank Flag Link Sat Mar 3, 2012
A good agent will be able to guide you on closing costs and what each debit column is and approximately how much it will cost. To negotiating who gets what line item is pretty involved...in my opinion it is better to keep it simple and straight forward. I've negotiated for sellers to take all closing, or buyers, or even to split it equally. I've also negotiated home warranty coverage, inspection fees, responses to inspections.

Hope that helps
Good luck!
Claire-Anne Aikman
0 votes Thank Flag Link Sat Mar 3, 2012
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