What can I expect to pay in closing costs for selling and buying a home in Philadelphia, PA?

Asked by Matthew Carroll, Philadelphia, PA Sat Nov 19, 2011

I expect to get 210,000 for my current house. I am looking to spend 350,000 for a new home, with a 30 year fixed mortgage. Just looking for a ballpark estimate. thanks!

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7
Wa Macdonald, , Pittsburgh, PA
Tue Mar 10, 2015
I want your readers to know that I created a reliable closing cost and mortgage calculator for Pennsylvania at:
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Mon Nov 21, 2011
You should be asking you Real Estate Agent because he should be giving you Buyers and Sellers Closing Cost because they both cotain information that you don't want as public knowledge.

Philip J. Cunningham Sr.
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700
Web Reference:  http://www.GreatPaRE.com
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, ,
Mon Nov 21, 2011
Hello Matthew.

When selling , you will typically pay a Realtor commisson (6% estimate) and a 2% transfer tax and $500 in miscellaneous fees. Total ballpark $13,300.

In buying you will pay 2% transfer tax, $2000 approx title fees, $1500 appprox mortgage fees, pay to the seller for taxes he has paid in advance, pay for insurance and set up an escrow account for the both taxes and insurance. The last $350,000 purchase I did the buyers expenses over the purchase price were $17,000. But there are lots of variables that could change those numbers significantly. Call me and I will be able to refine those numbers with more information.

.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Nov 20, 2011
For an accurate picture of costs, ask your loan officer and or attorney for good faith estimates...
0 votes
Erica Ramus,…, Agent, Pottsville, PA
Sun Nov 20, 2011
Too vague -- an agent or mortgage lender needs much more info as each case is house and buyer specific.
0 votes
Jim O'Rourke, , Philadelphia County, PA
Sat Nov 19, 2011
There is no simple answer to this question, since you can negotiate some costs with your real estate broker (ie comission, conveyancing, etc.), you can negotiate who pays certians costs in the contract / agreement of sale (ie seller assistance, transfer taxes, title charges, recording charges, repairs, etc), and you can negotiate loan costs with your lending professional (ie origination charges, discount points, other lender charges).

Typically on the selling side you will pay a real estate broker 6% of the sales price, 1/2 of the transfer taxes (in Philadelphia 4% = 2% for you), and whatever buyers assistance you agree to in the contract. You will also be paying off any of your property liens and unpaid taxes/municipal utilties, however any taxes paid in advance will likely be prorated at closing so that the buyer pays his portion of the taxes for the rest of the year.

On the buying side, you may be paying lender fees from 0% to 4-5% depending on the type of loan you choose and that discount points you want to lower your rate. Title insurance is less than 1%. 1/2 of the transfer taxes in Philly would be 2%. Recording charges for your deed and mortgage would be about $400. Your real estate agent may want to collect a "conveyancing fee" from you. You will also need to reimburse the seller for prepaid taxes and other costs (called prorations) for the period of the year that you will own the property. Finally, if you don't prepay for services such as Homeowners insurance, flood insurance, home inspection, etc., these items will be paid at closing.

You are welcome to contact me at my office 267-702-1520 to set up a date and time to personally discuss your closing costs expectations.

Also, Register for Buying and Selling tips that could save you money on closing costs http://goo.gl/c1vJl
Web Reference:  http://goo.gl/c1vJl
0 votes
Alexander Sh…, Agent, Huntingdon Valley, PA
Sat Nov 19, 2011
Hello Mathew,

It's hard to give you a ballpark figure without knowing the listing %.
Most of the closing costs are on the Buyer side because the buyer has to pay Taxes, Insurance, Mortgage origination and a couple of other fees.

If you give me the listing % and at least an area where you want to purchase your house for 350,000 i can tell you within 1000 of all the costs related to the transaction.

Please feel free to contact me any time 267 738 0886 or by email realexs@gmail.com

Best Regards,

Alexander Shulzhenko, ePro.
Realty Mark Cityscape
267 738 0886
http://www.eRealtyFind.com
Web Reference:  http://www.eRealtyFind.com
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