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 |