12/1    Based on national average, what is the closing cost of a $500K
        house, and how much is it usually in California? How about in
        your case?
        \_ Trying to buy your frat house?  The closing cost have two parts.
        \_ Trying to buy your first house?  The closing cost have two parts.
           The "point" part depends on your loan amount, and the "other
           fees" part doesn't.  A rough guess is 1 point (1% of your loan
           amount) plus $2000.
        \_ Depends on if you are in a buyer pay or seller pay county. Alameda
           is buyer pay, santa clara is seller pay for example. I payed
           $8000 in closing costs on my house I bought in alameda county.
           House was $540K. In a seller pay you will prolly pay about $2000.
           \_ What the hell are you talking about re: buyer/seller pay?!
              You negotiate whatever you want to negotiate. I was supposed
              to pay the costs when I bought, but I asked the seller if he
              would pay and he did. By the way, I think $8K is ridiculous
              unless you paid points on your mortgage.
              \_ Yes, you negotiate whatever you want, but the poster above is
                 talking about the common convention such that each party
                 understands how much actual money a nominated selling price
                 translates to.  Anyway, would it be better if you negotiated
                 for a lower selling price but you paid the commission instead?
                 For example, if you bought your house for $530k and the seller
                 paid $30k commission, you'd be paying property tax on $530k
                 assessed value.  Whereas if you bought your house for $500k
                 and you paid $30k commissioin, you'd be paying property tax
                 on only $500k assessed value.
                 \_ Good idea.  --someone else
                 \_ Yes, but in one case you can borrow the money and in
                    the other you need cold, hard cash.
                    \_ False.  In both cases the $30k in question can be part
                       of your loan, if you want.
                       \_ You will have a hard time finding a bank to roll
                          $30K of closing costs into your loan. They will
                          do it if the costs are small, though. Remember,
                          your mortgage is secured by your property. They
                          don't like to give out $30K unsecured. This is
                          the same as if you asked for money for repairs
                          on the property or even to finance down payment
                          money. These are not really allowed, although
                          loan agents can sometimes do them. The higher
                          the $$$ amount, the more scrutiny and the less
                          likely you will be able to do it. I've been told
                          that usually up to about $5K isn't a problem.
                          \_ Oh, I stand corrected.  Thx.  --- PP