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Asked by Eve, Illinois Thu Aug 26, 2010

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Answers

9
Wayne Beals, Agent, Chicago, IL
Tue Sep 7, 2010
Eve,

All these items will be on your RESPA, or HUD-1, closing statement. Your attorney can get you a preliminary HUD prior to close.

Wayne Beals
Keller Williams
312-77BEALS
312-772-3257
wbeals@kw.com
Web Reference:  http://WWW.WAYNEBEALS.COM
0 votes
Laura Karamb…, Agent, Downers Grove, IL
Sat Aug 28, 2010
Ask your attorney for a copy of the HUD (settlement statement) which will give you an itemized cost for all of your closings costs.

Your attorney should go over all of that information with you at your closing.

Your agent should give you an idea of what seller's costs you as a buyer pay for when buying a foreclosure.

Some of those costs may include:

A survey if it is required
Up to 6 months of Association Dues (condo/townhome)
Some banks are exempt from village stamps
Taxes are normally prorated at 100%

Again, please consult your attorney/agent for your specific situation.

Good Luck!
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Aug 26, 2010
You should be supplied with a breakdown off all your closing costs. There is stamps for state county and sometimes city. Are you buying a foreclosure?

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes
Annette Levi…, , New York, NY
Thu Aug 26, 2010
At closing you sign a HUD-1 form which lists all the cost to you and the seller. This is a federal requirement. With the HUD-1 the escrow closer or title company should give you copies of all the checks written out. The title company figures out what are the State & County stamps and states it in the report.
0 votes
Peter Kedzior, Agent, Elk Grove Village, IL
Thu Aug 26, 2010
Please put it to your attorney's attention. I am sure that Fannie Mae is exempt from village stamps. I believe they even have a rider that confirms that. I was at a closing once (property sold in Des Plaines) when the buyer's attorney was able to save $450 from the closing cost by opposing this charge. As you can see, that can be done even at the closing table.
0 votes
Amy Foote, Agent, Carpentersville, IL
Thu Aug 26, 2010
Eve, since you're buying a foreclosure, it's not uncommon that you pay the seller portion of these transfer stamps...like I said on the other answer chain, if it's a good deal, don't worry about these extra costs. You'll make up for it in equity gained.
Web Reference:  http://www.footeteam.com
0 votes
Eve, Home Buyer, Illinois
Thu Aug 26, 2010
Hmm, interesting. Actully, I am buying from Fannie Mae. My closing costs incude Village stamps, State Stamps and County Stamps? So, am I required to pay for them all? I appreciate your help.
0 votes
Amy Foote, Agent, Carpentersville, IL
Thu Aug 26, 2010
Eve, I agree that it's never inappropriate to ask. There should be documentation on everything that you pay for at closing...most of which will come from a Good Faith Estimate from your lender (if you're not paying cash). State transfer stamps in Illinois are $1.00/$1,000 of sales price and county stamps are $0.50/$1,000...these are typically paid by the seller. Each municipality may also have a transfer tax that they levy...and it could be paid by buyer or seller (the municipality determines that). Google something like "Illinois municipality transfer taxes" and I'm sure you'll find a list of all the stamps to be paid.
Web Reference:  http://www.footeteam.com
0 votes
Peter Kedzior, Agent, Elk Grove Village, IL
Thu Aug 26, 2010
It is never inappropriate to ask someone you pay for the receipts. It is not a sign of trust either... Stamps usually run below $500, depending on the town. If you buy a bank owned property from Fannie Mae or Freddie Mac, they are nationally exempt from paying for stamps.
0 votes
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