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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Deborah Garvin’s answer
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Sat Mar 3, 2012
The only thing really negotiable about closing costs is whether the buyer or the seller is going to pay them and/or whether the buyer pays them out of pocket or rolls them into the rate by increasing the rate to cover the costs. I am always amused when someone instructs a borrower to "negotiate the closing costs". The title and escrow company gives me their fees...and, on a purchase I do not choose the title/escrow companies. If the consumer wants to negotiate those fee, they can contact them directly. The appraiser does not negotiate. The state/county taxes and recording do not negotiate. Lenders costs for underwriting, processing, etc, are the costs of doing business (once in a blue moon I can get some relief; however, it is not the norm...and NEVER if I am brokering the loan).

Nice to see the previous comments are realistic about closing costs.
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Kathleen She…, Agent, Philadelphia, PA
Sat Mar 3, 2012
This answer refers to Philadelphia, PA.
Buyer' s Closing Costs, include Mortgage Fees, Transfer Taxes, Title Insurance costs, Home Owner's Insurance. Some mortgage fees are negotiable, and mortgage points can be paid for a lower interest rate. Transfer Taxes are usually divided equally between the buyer and seller, but it is not necessarily so. Most of the other fees are not negotiable.

Who pays the buyer's closing costs, buyer or seller, is negotiable up to a % which is allowed by the buyer's lender, usually 2-6% of the purchase price. Commissions are closing costs that are usually charged to the seller, but a different arrangement is possible.

In an all cash transaction any and all closing costs can be paid by either party.
0 votes
Whit Garrett, , Philadelphia, PA
Sat Mar 3, 2012
realtor conveyancing fee!!!!! everything else is pretty much set...title...transfer tax...escrows
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