Home Buying in Nyack>Question Details

Cdm, Home Buyer in bk ny

im in contract on a 395000 condo in queens ny and was told closing cost is about 24,000...isnt that excessive

Asked by Cdm, bk ny Wed Mar 9, 2011

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7
This seems high. You should sit down with your attorney and run through those costs line by line..
Best of luck, Nancy
2 votes Thank Flag Link Sun May 1, 2011
Yes, but the only way to be sure is to price out another reputable Lender. If they come in at a similar level... you'll know it's a fair deal. Also ask for a copy of your Good Faith Estimate to review the charges yourself, ask your lender or R.E. atty to explain any to you that you are not sure of. Once you've gone through line by line you should have a good feel for it.
0 votes Thank Flag Link Fri Aug 26, 2011
As the others have said, closing costs are about 4-5% of the the purchase price. The largest portion of these go towards prepaids such as property taxes. However, 24K does seem excessive. Get a good faith estimate of closing costs and go over it with a fine tooth comb. Ask questions until you fully understand where your money is going.

Good luck!
0 votes Thank Flag Link Thu Mar 10, 2011
cdm,

Your agent or closing company should be able to break this down for you and privide a general but fairly accurate number. Closing costs are relative to the location in which the transaction is taking place but from our perspective, it does seem high.

Request a clarification.

Bill
0 votes Thank Flag Link Thu Mar 10, 2011
CDM, may I ask why you are posted as a homebuyer in Nyack. In this area(Rockland County/Nyack) a rule of thumb closing costs are about 2 1/2x the taxes. Best of Luck
0 votes Thank Flag Link Thu Mar 10, 2011
From my experience, closing costs are usually somewhere between 4% and 6% of the amount you borrow so it doesn't seem to be excessive. Good luck.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
http://www.c21princetonproperties.com
0 votes Thank Flag Link Thu Mar 10, 2011
Buyers are generally advised to "be prepared" with 4-5% of the sales price to cover all of the expected and unexpected costs that could come up.

Hopefully, you will take some of that money with you to your new home, wearing a smile.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Mar 9, 2011
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