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HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
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Closing Costs
Can someone tell me what the typical closing costs are? Like, for example, if the house was around 270,000 and you can put 3.5% down, and taxes are around 7400. I heard you have to pay for 1 year of homeowners insurance and 8 months of taxes.
What would you say is what you would have to come up with in order to close on the house?
Any help would be appreciated. Thanks!!!
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Posted 8/21/09 11:01 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Closing Costs
Rule of thumb is 3 to 5% of the purchase price. I closed last week and mine was 3.5%. You do have to pay a year's worth of homeowner's insurance, repay the homeowner for taxes paid for this year and then have a certain amount in escrow (our appears to have been 3 mos).
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| Posted 8/21/09 11:08 AM |
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HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
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Re: Closing Costs
Thanks so much!
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| Posted 8/21/09 11:11 AM |
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HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
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Re: Closing Costs
What if it is a short sale? Do you pay taxes to the bank for the time they had it?
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| Posted 8/21/09 11:12 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Closing Costs
I find 3% is the typical number.
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| Posted 8/21/09 11:18 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Closing Costs
short sale you might have to pay back taxes must verify with listing agent.
We are closing next month and our house is 225K, 8,300 in taxes and with the FHA loan it will be about 7K closing (est), a little over 5k in prepaids (home owners insurance bundled in that price) so a total with out the deposit will be 12K
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| Posted 8/21/09 12:09 PM |
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HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
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Re: Closing Costs
Posted by Nifheim
short sale you might have to pay back taxes must verify with listing agent.
We are closing next month and our house is 225K, 8,300 in taxes and with the FHA loan it will be about 7K closing (est), a little over 5k in prepaids (home owners insurance bundled in that price) so a total with out the deposit will be 12K
Thanks so much! That was very helpful!
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| Posted 8/21/09 12:21 PM |
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