bansh-eman

I was wondering what kind of closing costs you guys have been paying to buy new homes? My wife and I are looking at a new home and the closing costs seem to be out of this world. That alone is a deal breaker in my eyes.

What percent or amount are you guys paying for closing? And what was the amount financed?

annabelle

I'm in the process of selling my home. I was told to expect up from 6 1/2 to 7 1/2 % of the value of the home.

capt.Ron

I think the banker told me that the closing cost would be 1% of the total building cost.

annabelle

That would be a nice difference. Sure that isn't just for a Title search? I know in Austin my B-I-L uses a company who only charges 1% for a title search.

bansh-eman

I have been looking around a it seems 6% is what the realtors get (3% each), then plus all the exra fees. If this is the case, I can not afford to buy the house just becasue of the dang fees. It's rediculose how much you pay in extra crap one top of a 165k house!

annabelle

Yep 6% for the Realtor is standard here. Then I get to pay my share of the closing cost + 6.25 % Gross Receipts Tax for NM!

Shovelhead

Have you asked to see if the sellers will pick up some of the closing costs?

annabelle

My Realtor will also knock the fee down to 5% if he is the listing and selling agent. How much are have you been told your portion of the closing cost will be?

BJS Enterprises

usually its the buyer that gets hammered with most of the closing costs. Sellers will sometimes sweeten the pot by covering some of the closing costs to sway potential buyers.

Buying a house sucks. You get your twenty % together, and then you pay for some inspections, closing costs, etcc. a whole buncha BS. whatever you do don't pay for the "points" that they will offer you, most of the financial advisors don't recommend it..

If you're absolutely certain that you want to go through with buying a house, i would suggest researching as much as you can about the process. If i could go back, I wouldn't think twice. I made a couple of big mistakes, just because I did not know better. i like being a homeowner though.

bansh-eman

We are calling on Monday to findout what all fees are going to be added up to. We are looking at building a new house with DR Horton. So I am going to demand all kind fo stuff to keep our price down. But at the end of the day if it isn't right, I am not signing a thing. I am not going to sacrifice my finances to get ito a house if I am not ready. Also I am not going to pull the rug out from under my feet and get a house that does not suit our needs and allow us room to grow. If we cant do what we need, then we will have to wait.

The wife doesn't see it that way. She is the most clueless person on the planet when it comes to money.

We bought a house in San Diego 3 or 4 years ago and it hurt us VERY bad. We didn't pay anything out of pocket, but the market crashed soon after we got the house and it left a very big mark in our credit. So I was very suprised that I got approved at 4.875% (had I signed that day I got approved). So the time is now to buy for sure! But I just cant empty my savings to cover all the fees.

annabelle

Did you get approved by DR Horton? Is 4.875 30 year fixed?

bansh-eman

Not DR Horton. We got preapproved through a lady that was reccomended to us by some family. She is one of those finance middle man people.

Yes 30 year fixed. VA loan.

cbtumedic

Here in tx a title search is only about $200, the closing cost on the house we just built was right around 1-1.5% of the cost to build the house. That's for the title policy, the property taxes (get to pay tax on just the lot since house was incomplete when taxes assessed), all the fees for the title company to do their thing, no realtor involved so we don't have to pay their fees though.

annabelle

Great rate

annabelle

Your title search may have only run you $200.00. I am very familiar with Texas real estate dealing........My wife was a broker in TX in another life. We are currently looking to buy in the San Antonio area. My B-I-L is a builder in Austin......best he can get on a $500,000.00 house is 1%.