You really need a Realtor to help you out. I can't count how may people I know who purchased "FSBO's" and need to sell, but find now that they overpaid. It always costs less to use a qualified Realtor. Hire the professional. Mary Harper, Prudential One Realty Center

Marge,

She does not need to rush to get the tax credit. I would never rush into a purchase just to get a $8,000 savings. If she waits she could negioate a home and get $8k that way. Plus the tax credit is most likely extended to april 2010 and will include step up buyers.

Linda,

Take a look at my post here http://seandawes.com/?p=282 and watch the CNBC video. It passed the senate and still needs final approval but is looking good.



Sean Dawes

As a buyer your cost will include title insurance and title company charges, recording fees, inspections for occupancy ,whole house, pest and apprasial for your bank. As far as the price- you need a realtor, seller will pay the commission. If the apprasial does not come back at loan value you wasted your money (around 300.) This can be a negiotation factor as well as inspections. If you are first timer and counting on tax stimulas money you don't have a minute to waste. 30 day min. turn around if you have it together. You are welcome to call me to discuss details I will help walk you thriugh this.
Sincerely, Marge Haworth

A local realtor will need to know more about the area other than nice neighborhood. Running comps is more detailed than the info you provided. I am assuming you are not using a buyers agent and doing this deal 100% without realtors.

To answer your first question, closing costs are typically split. Buyer has their own costs and seller has theirs. Yours will include recording, taxes, transfer tax and a few others. Now you can structure your closing costs into your mortgage if the seller permits it in the agreement of sale. This is what is called a sellers assist. But make sure it applies to your state as it works here in PA.

I strongly suggest you hire a buyers agent to facilitate this as it will move much smoother than what could happen.


Sean DAwes