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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Good Faith Est. for Closing Costs
How far off are they?
Has anyone been totally taken off guard, where their estimate was significantly lower than the actual costs?
Thanks.
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Posted 4/23/07 11:40 AM  |
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Prudential Douglas Elliman Real Estate
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Good Faith Est. for Closing Costs
our good faith estimate was 2K more than we actually paid. I'm glad it worked out that way rather than the reverse.
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| Posted 4/23/07 11:50 AM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Good Faith Est. for Closing Costs
Posted by kerrycec03
our good faith estimate was 2K more than we actually paid. I'm glad it worked out that way rather than the reverse.
That was great!
I'm hoping for that too. I'm not counting on it though.
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| Posted 4/23/07 11:51 AM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: Good Faith Est. for Closing Costs
Ours was 1000 less so we had to pay that extra!
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| Posted 4/23/07 8:05 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Good Faith Est. for Closing Costs
Ours was 11 years ago, so I forget the exact amounts and details, but our estimate was very low, and we got caught by surprise, and had to borrow money, on top of the extra money we had in our account... I think with the pervasiveness and availability of the Internet now, it's much easier to verify and double-check an estimate to see if it's in the ballpark.
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| Posted 4/24/07 7:29 AM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: Good Faith Est. for Closing Costs
Ours est. was 5K Less than our actual costs  , but that is cause our lawyer was an idiot.
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| Posted 4/24/07 8:14 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Good Faith Est. for Closing Costs
you should figure your closing costs to be about 3% of your purchase price.. this can vary depending on where you are in the tax year and other things you may have to pay back to the seller -i.e. oil in the oil tank.
closing costs CAN be 3-6% of the price... so I would just see where your GFE stands in regards to these percentages and go from there.
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| Posted 4/24/07 9:00 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Good Faith Est. for Closing Costs
We were told $12K and that's what we paid.
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| Posted 4/24/07 9:10 AM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: Good Faith Est. for Closing Costs
Ours were about 4% of our purchase price. The original estimate they gave us was about 3%.
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| Posted 4/24/07 9:16 AM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Good Faith Est. for Closing Costs
Posted by SweetTooth
you should figure your closing costs to be about 3% of your purchase price.. this can vary depending on where you are in the tax year and other things you may have to pay back to the seller -i.e. oil in the oil tank.
closing costs CAN be 3-6% of the price... so I would just see where your GFE stands in regards to these percentages and go from there.
What does GFE stand for?
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| Posted 4/24/07 9:17 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Good Faith Est. for Closing Costs
Posted by chikita315
Posted by SweetTooth
you should figure your closing costs to be about 3% of your purchase price.. this can vary depending on where you are in the tax year and other things you may have to pay back to the seller -i.e. oil in the oil tank.
closing costs CAN be 3-6% of the price... so I would just see where your GFE stands in regards to these percentages and go from there.
What does GFE stand for?
good faith estimate
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| Posted 4/24/07 9:24 AM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Good Faith Est. for Closing Costs
Posted by PotofLuck06
Posted by chikita315
Posted by SweetTooth
you should figure your closing costs to be about 3% of your purchase price.. this can vary depending on where you are in the tax year and other things you may have to pay back to the seller -i.e. oil in the oil tank.
closing costs CAN be 3-6% of the price... so I would just see where your GFE stands in regards to these percentages and go from there.
What does GFE stand for?
good faith estimate
DUH
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| Posted 4/24/07 9:26 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Good Faith Est. for Closing Costs
Posted by chikita315
Posted by PotofLuck06
Posted by chikita315
Posted by SweetTooth
you should figure your closing costs to be about 3% of your purchase price.. this can vary depending on where you are in the tax year and other things you may have to pay back to the seller -i.e. oil in the oil tank.
closing costs CAN be 3-6% of the price... so I would just see where your GFE stands in regards to these percentages and go from there.
What does GFE stand for?
good faith estimate
DUH
sorry!
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| Posted 4/24/07 9:27 AM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Good Faith Est. for Closing Costs
Posted by SweetTooth
sorry!
That's ok. I feel like my brain has been sucked dry through this whole process.
That and our bank account.
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| Posted 4/24/07 9:36 AM |
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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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Re: Good Faith Est. for Closing Costs
Our lawyer overestimated our closing costs by over 5K, and our GFE overestimated by 1,500...It's always better to OVER estimated just to be safe.
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| Posted 4/24/07 9:45 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Good Faith Est. for Closing Costs
Posted by chikita315
Posted by SweetTooth
sorry!
That's ok. I feel like my brain has been sucked dry through this whole process.
That and our bank account.
ugh, I know what you mean!!!!!
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| Posted 4/24/07 9:45 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Good Faith Est. for Closing Costs
We only had to pay an extra $200 at closing.
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| Posted 4/24/07 9:55 AM |
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