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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Answers

4
Cheryl Talbot,ABR,GRI,ePro,SFR’s answer
The best way to answer your question would be to simply say get with your lender. They are the ones where many of the costs are outlined and in fact are negotiable. One thing I would also recommend would be to get with a Realtor who knows how to get it done and negotiate the costs to close for you. I've had a great deal of success getting sellers to pay all the buyers closing costs. Many sellers will because they realize it's what it takes to get a home sold today. If I can be of service, let me know. Good Luck!
0 votes Thank Flag Link Mon Mar 19, 2012
Hello Other/Just Looking -

Your best source of information on that question is to talk to your lender. Lenders/mortgage bankers are the ones who charge you closing costs for closing your home purchase loan. You can negotiate with the seller to give to you a lump sum of cash back at closing for you to use toward your total closing costs number, but the actual amount of the closing costs - fees, points, amount of pre-paids required, amount of items required to be escrowed such as taxes, etc. - are part of the deal you strike with your lender. If you need recommendations for a lender, I will be glad to provise those to you.

In addition, if you are interested in buying a property and want an agent to work with you on that, I will be glad to do that, too.

Good luck to you.

Wayne Goodman
0 votes Thank Flag Link Sat Mar 3, 2012
When you say cost, it will depend on the type of loan you have depends on the cost associated with the deal. For example, if you are a VA buyer, you would have to put $500-$1000 Ernest money down (in most cases you will get it back at closeing), then you would have to pay for a home inspection ($250-$500), then you would have to pay for an appraisal ($400). You have an option to have a survey done ($250-$400 in most cases) but you are not required to do one.
Besides that all other cost are paid by the sellers at this time. The rule of thumb, depending on the lender and your credit status, closing cost can range from 3% to 4% of the purchase price. I set it up during the offer phase, to get as much as possible and if there is extra, my client's will have the option to use it towards debt, like credit cards, car payment, loans etc.
The is usually the same with an FHA loan, however you do have to put 3.5% down towards the loan, so $3,500 per $100,000 barrowed.
Get with me and I can set you up with everyone you would need during the home buying process. Thanks for the question and I hope this helps.
0 votes Thank Flag Link Sat Mar 3, 2012
Hi ... If you are a buyer and need your cc.. In the market we are I'm sellers are usually willing to assist or pay all the closing cost.. If your asking which closing cost are neg. as far as reducing... Cc are made up of real estate taxes insurance escrows lenders fees etc.. And most of these fees are not neg. but as a buyer we can ask for the fees to be paid by the seller hope this answers your question
0 votes Thank Flag Link Sat Mar 3, 2012
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