Asked by Narda Reyes, Bakersfield, CA Thu May 10, 2012

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Cindy Davis’ answer
Cindy Davis, Agent, San Diego, CA
Thu May 10, 2012
Closing costs are all the costs incurred in the transaction of a property. These include, but are not limited to escrow costs, title costs, lender costs, Realtor commissions, property taxes, document fees, the list goes on and on. This is money you will not necessarily enjoy spending...it's just part of the typical real estate sales process.

Who pays which costs tend to dfffier a bit by location. In San Diego, the seller pays agent fees, title fees, transfer, half of escorw, and hoa documents if need.

Buyers usually pay all costs related to obtaininng a mortgage, the cost of an appraisal and inspections.
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Mark R. Barr…, , Bakersfield, CA
Fri Apr 4, 2014
Who pays the closing cost? It can come from the buyer(including gifts), seller or lender(raise interest rate so you actually pay over long haul.) or any combination of those. Most of my clients do lender paid closing cost.

Good Example of 270k conventional loan:
Underwriting $799(This varies from $0 - $1,995 depending on the lender), appraisal $400-500, Credit report $21.50, Misc 3rd party lender fees $100, escrow/Title $1,900, prepaid expenses (Taxes, ins, interest) $2,100. Other cost can include septic cert, roof cert, Home warranty, Pest inspection, home inspection.

Mark Barrett
C2 Financial Corp.
NMLS 279056, BRE 01438387
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J, Agent, Greensboro, NC
Thu May 10, 2012
Your closing costs (fees) to puchase a home may include lender, appraisal, inspection, title insurance, RE taxes, and other fees beyond the purchase price of a home. Average closing cost/fees may run upwards $5K+, plus you will need to include your down payment. It never hurts to ask a seller for assistance with some or all closing costs. If you finance any fees in to your home loan it will increase your home loan and possibly influence your interest rate as well. Good luck to you!
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Moises Contr…, Agent, Bakersfield, CA
Thu May 10, 2012
Great question. Closing costs are the fees associated with purchasing a property. Who pays them is negotiable. Both seller and buyer have closing costs. If you are a buyer many times you will ask the seller to assist with your closing costs but that is only a negotation to the purchase contract and the seller is not obligated to agree or pay any of the buyers closing costs. It also gets somewhat confusing for buyers as well because if you are financing you will need a down payment as wel for the loan. Feel free to contact me at any time to discuss these questions or any other you may have. If you send my an email I will forward you information to my next buyers education class.
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