Closing costs, Fl.

Asked by Dan, Hollywood, FL Mon Oct 29, 2007

Can someone please tell me what items go into closing costs and who customarily pays them- buyer or seller? Thank You.

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10
Dan, , Hollywood, FL
Tue Oct 30, 2007
Paula, you are correct. I had posted this before but expected the answers to arrive in my inbox, which they did not. It was only after coming back to this forum that I see it was in fact answered by you very clearly the first time. My apologies if you think my repost was a waste of your time as that was not my intention. I am indeed thinking of selling as a FSBO, and was hoping to get some good advice here. I do see, however, that the replies on this site are all very pro-Realtor so perhaps this is not the right site to get the answers I am looking for.
2 votes
Paula Bean, , Orlando, FL
Thu Jan 10, 2008
Dan, don't feel bad~! Most people don't really know how complicated this can be, but the one good piece of advice I can give you is that ALL closing costs are negotiable.

Having said that, what is normal and typical is another story ;-) I'd be more than happy to send you the list of what is normal and customary, but bear in mind that is negotiable. When negotiating with an interested party, if you get a high price - I'd pay some of the 'non-normal' costs, if the price is low, then I'd negotiate more fees on the other side.

Good luck with doing FSBO, and I will end my post with this thought:
EVERYONE wants to save money.... it's human nature. I agree with that philosophy, but even though I AM a Realtor, I would recommend you seek expert counsel in what is probably the biggest investment you own....... I don't write my own prescriptions, I go to a Doctor - yes I also do research on WebMD....but I also would hire a lawyer to represent me rather than represent myself.

Try it, if it doesn't work, you can get an agent later, but beware of what you don't know that could cost you money, time and mental stress. Sometimes it's what you don't know that you don't know that comes back to bite you in the behind ;-) but best wishes and have fun with it if it isn't an urgent situation that you need to sell within a certain time frame. If you aren't that motivated, you have nothing but time to lose, but you will gain valuable knowledge and experience during the process.

;-) Paula Bean
1 vote
Bill Eckler, Agent, Venice, FL
Sat Aug 9, 2008
Dan,

For a conventional Mortgage the seller expences are:
Doc. stamps on deed 4.70 per $100
Real estate administrative fees $100-$400
Commission per contract
Pay off existing mortgage
Prorated taxes
currier and mailing fees
Home warranty, if applicable
Owners title insurance

Buyer Expenses

Doc stamps on mortgage $.35 per $100
Intangible tax, $.002 X mortgage amount
Recording fee
Hopme owners association dues and transfer fee
condominium fee approval fee if applicable
Property survey
Termite inspection
Homeowners insurance
loan origination fees
appraisal fees
Underwriting fee
Document preparation fee
curier service
Home inspection fee
Owners title insurance

Hope this is helpful.

Good luck.

The "Eckler Team"
0 votes
Waterman480, , 33316
Fri Aug 8, 2008
Intersting that Title insurance was listed as a sellers expense. I did a FSBO sale, and my only expenses were advertising and $500 to the lawyer for document preparation. When I have purchased property, I had to pay the title insurance. Is something amiss in Florida?
0 votes
Craig McMahan, , Tampa and Central Pasco including Land O Lakes, Lutz, and Wesley Chapel
Thu Feb 14, 2008
In a normal re-sale situation, the seller would pay for the title insurance (about $5.75 per $1000 of the sale price), doc stamps (u .70 per $100 of the sale price) and the prorated tax amount from January 1st until the date of closing. The buyer pays for all the closing costs related to the loan and its origination, survey, inspections, etc. Hope this helps.
0 votes
Lulu, Home Buyer, Weston, WV
Sat Jan 12, 2008
Dan, dont worry about the realtors with PMS. There are some good realtors out there that can help you and give you good advice. The buyer usually pays the closing cost. However, some buyers are asking the seller to contribute towards closing costs as an incentive to buy. It is usually 3% of the sale price. It is a good idea to do FSBO first if you feel comfortable with the paperwork, etc. I do recommend getting a real estate lawyer to draw up a contract, etc. If it doesnt sell you can always list it with an agent. I think (i am not sure) that you can list your house on the mls (search engine that realtors use) anyways. (check http://www.realtors.com) for more info. Another good reason to list with an agent is if you live inside a gated community. Hope this helped.
Web Reference:  http://www.realtor.com
0 votes
Alan May, Agent, Evanston, IL
Thu Jan 10, 2008
Dan... yes, this site is very pro-realtor (as it appears most of the posters here are realtors), but that doesn't mean we're ANTI-FSBO... feel free to ask any FSBO questions, and oddly enough, since we're all such real-estate nerds, we're happy to talk about that too!

(you will, of course, get a few of the realtors who will tow the company line "FSBO's always turn to Realtors in the end... FSBOs make less money... FSBO are hard work"... but you'll also find a lot of good, valuable advice amongst them!)
0 votes
Paula Bean, , Orlando, FL
Mon Oct 29, 2007
Just as an aside Dan, when checking your questions, you've asked this question before, and several others have already answered. Is there something we are missing that you need to know? I gave a long list of what the seller pays, but if you need exact figures according to sales price, mtg payoff, etc, you need an agent, or talk to a title company - or I'd be happy to send you my excel spreadsheet.

There is not one answer to your question, it depends on an exact date of closing, your taxes pro-rated to the date of closing, mtg balance payoff as of the date of closing, and many other variables.

This is not as simple as it seems to most people and contrary to popular belief, REALTORS earn every penny they are worth, and they usually make you more money than you can get on your own. Proof of this is that you are asking this very question which you'd already know if you had an agent or an attorney.

I'm going to do a blog soon on why consumers want something for nothing. All of us on Trulia take our time to help people like you, and that is fine, but it upsets me when I look at the fact that you've asked 6 questions, and this was one of them before. So did you not like the answers? Please tell us, because I'm getting tired of wasting my time here quite frankly - and I'm sure many others are as well.

Click on your name, go back and look yourself at where you asked this very same question before, and it seems as though you don't want to use an agent, yet you want our advice - for free. hmmmm........not sure what you do for a living, but if you put in hard wood floors, we could make a deal!
0 votes
Jamie, , 33065, 33067, 33068, 33071 Coral Springs Area
Mon Oct 29, 2007
it also varies from county to county. If you are shopping in the coral spring, FL area, please visit my website http://www.CoralSpringsJamie.com for lots of great info and you can reach me through links on the site!
0 votes
Paula Bean, , Orlando, FL
Mon Oct 29, 2007
closing costs are negotiable - however, there is typical and customary costs.

If you would send me your email address, I can send you an excel spreadsheet that will run these down for you, based on sales price of the home, as to what the buyer or seller typically pays. Some costs are set, others are based on sales price, and then there are pro-ration of taxes, HOA fees, etc.

You didn't specify if you were a buyer or a seller, or I could give you a synopsis, but the spreadsheet I have is so much better as you can put in a price and put in your mtg balance (if you are a seller) and it will give you your net proceeds - which is all most people care about anyway.
0 votes
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