Closing cost question - Posted by IB (NJ)

Posted by Buck on July 21, 2002 at 20:19:16:

Stew,

I like your idea better than mine.

Thanks.

Buck

Closing cost question - Posted by IB (NJ)

Posted by IB (NJ) on July 21, 2002 at 08:54:58:

I’m selling a sf house and advertising ‘seller pays closing costs’. What percentage of the loan should I stipulate the ‘closing costs’ not exceed? 5%? 6%?

Re: Closing cost question - Posted by Stew(NE)

Posted by Stew(NE) on July 21, 2002 at 16:45:28:

Instead of saying a percentage, I would say an amount.

For example, Seller agrees to pay buyers closing costs and prepaids up to $3000 dollars. It sounds bigger than 1 percent. Which may be the same exact thing. I have use this as a clause in the purchase agreement when I have bought and sold. If I were selling I would want to know exactly what my costs are going to be instead of letting them flutuate on me.

Happy Investing

Re: Closing cost question - Posted by Buck

Posted by Buck on July 21, 2002 at 09:47:58:

I think you are the only one who can answer that question. How much are you willing to pay?

I have a relative in the Mortgage business. He says that typical closing costs are 5%, but they can fluxuate a percent.

You might consider adding the closing costs into the price of the house.

BTW just because you say you;ll pay up to 5%, doesn’t mean you can’t change your mind an be generous and pay 6% if it means closing the deal.

Good luck
Buck