what are average closing cost on a condo in los angeles?

Asked by Saraheileen, 90014 Wed Apr 14, 2010

we are planning on purchasing a condominium for cash over the next several months I am wondering what the expected closing costs will be

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7
Realtorbradr…, , Encino, CA
Wed Apr 14, 2010
Sarah Great question I have made a video answering your specific question on you tube. Please click the link below.

http://www.youtube.com/watch?v=d0oTwyGP2VA

Thanks,

Brad Roth
1 vote
Monique & Joe…, Agent, Beverly Hills, CA
Wed Apr 14, 2010
Hello Sareheileen,

It really depends on many factors. I can have escrow run a net sheet but it depends on what loan you are getting. FHA requires Mortgage Insurance which can be as much as 1.25 percent. When you have a chance, email me and I'll run a few scenarios for you. One really just needs to know the loan you are getting to give an accurate estimate.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
0 votes
Deborah Brem…, Agent, Los Angeles, CA
Wed Apr 14, 2010
Closing costs vary quite a bit. If you are buying a $500,000 condo, the difference between 2% and 3% is $5000! This is a time when a generalization just won't do, don't you agree?
I have made a PDF of the various necessary closing costs, and "who pays what" which will give you a better understanding. In addition, I would be happy to send you a detailed estimate of your closing costs, filled out with ACTUAL numbers (often called a HUD-1 statement) so that you will have an accurate picture of what your costs will be.
Best of luck,
Deborah Bremner
REALTOR, 00588885
Certified Short Sale Professional
Certified Home Retention Specialist
(D) 818.564.6591
TheBremnerGroup@gmail.com
Blogging at: http://TheBremnerGroup.com/blog
0 votes
Dorene Slavi…, Agent, Torrance, CA
Wed Apr 14, 2010
Hi Sara,
Well depending upon where you buy the condo they range from the mid 300's-500's generally. Your closing costs are usually 3% of the price.
Web Reference:  http://www.doreneslavitz.com
0 votes
Jeffrey White, Agent, Beverly HIlls, CA
Wed Apr 14, 2010
Yes, generally 3% is the go to figure for closing costs, although it can vary with type of loan and allocation of costs in the purchase agreement. I have had good luck getting developers to pay closing costs for condo purchases and that can change things a lot obviously. With a cash offer you have a lot of leaverage and you van use it to your advantage with the right technique in presenting the offer. I would love to assist you with this if you don't already have a realtor. Please contact me through my website below.
0 votes
Peter Stewart, Agent, Indianapolis, IN
Wed Apr 14, 2010
That depends a lot on what type of financing you use. FHA loans have more fees (prepaid mortgage ins, etc) so your closing costs will be higher. A general rule of thumb is 2-3% of the purchase price.
0 votes
Nicole Lindl…, Agent, Los Angeles, CA
Wed Apr 14, 2010
To be conservative, you should expect closing to be close to 3% of the agreed purchase price. That can fluctuate depending on seller concessions, title/escrow fees, and taxes. The escrow officer before closing will give you a HUD-1 which will contain your closing statement and a breakdown of costs. Hope this helps!

Please contact me directly if you need any help with you condo search! Good luck!

Nicole Lindler
Prudential California Realty-PDC
310.694.2288
http://www.NicoleLindler.com
0 votes
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