Return to the Buying and Selling Homes Forum | Post a Follow-Up

 o
What do 'closing costs' include?

Posted by eastgate (My Page) on
Fri, Sep 18, 09 at 13:49

A potential buyer requested that I pay all of his closing costs, $10,000 on a $200,000 house. He had included in the costs an estimate of over $3000 for insurance. Is it typical for the seller to pay the insurance premium in addition to bank fees? I also don't understand where he came up with the $3000 when I pay $1200/year, but that's beside the point.


Follow-Up Postings:

 o
RE: What do 'closing costs' include?

It doesn't really matter what they call a fee - it is just money you won't get. The only thing that matters to you is what you net out with at the end.

BTW - before closing, you will get a real list of charges. Until then, everything is just an estimate. If you agree to pay "up to" a certain amount, that is max it will be.


 o
RE: What do 'closing costs' include?

Hi Eastgate,
If your buyer is using conventional financing, their lender won't let them pocket any of your contribution toward their closing costs... so no worries there, its not like they're pulling a quick one on you.

Here's a list with explanations of typical closing costs;
http://www.nobullmortgage.com/closingcosts.php

Cheers,
Dave Donhoff
Leverage Planner

Here is a link that might be useful: List & Explanations Closing Costs


 o
RE: What do 'closing costs' include?

Dave ~

Thanks for posting the closing costs explanations. I will run it off for my education.

Robyn


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Please review our Rules of Play before posting.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here