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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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With the third party companies that are now required to order appraisals for mortgage lenders, you won't find much variance in appraisal costs. While there may be minor differences, fees for the attorneys/closing agents are very similar also. It does pay to shop lender fees when you are shopping interest rates. There are some variances there. Seller concessions of two to 6 percent (depending on the mortgage type) are not uncommon and should cover the bulk of the costs. Be sure to also estimate the amounts needed to cover your homeowners' insurance and to start your escrow account. Those costs can also be seller or lender paid.
1 vote Thank Flag Link Mon Mar 5, 2012
Almost everything except governmental costs are negotiable. One to take a strong look at is owners mortgage insurance. But you must do your homework and shop around.
Web Reference: http://www.metro1realty.com
1 vote Thank Flag Link Sun Mar 4, 2012
Sellers pay many of the closing costs as it is. Actually, almost anything is negotiable, but how much to negotiate depends on your own homework and your agent's ability to recognized when a seller is willing to give more than expected.

I have had sellers actually buy interest points for the buyer when the bank did not want to give them the rate that they wanted.
1 vote Thank Flag Link Sun Mar 4, 2012
If you are going FHA you can ask the seller to pay up to 6% of the sales price in your closing cost. As far as actual fees each bank mortgage can vary in each region of the country . Could be anywhere from $300 to 1800. You just need to shop and compare.
Some lenders or Loan Officer may waive or pay some of the smaller lender fees. You can also get a lender credit with a slighlty higher interest rate.
good luck
1 vote Thank Flag Link Sat Mar 3, 2012
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