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I'm Planning to buy a home. I would like to know what are all the fees associated in the entire buying process. What should i pay from my pocket and what the seller has to pay? and what are the areas where i can save something? What is GFE, and explain about the contracts i need to sign with realtor and others. Please explain in detail. Answers in detail will be selected as best answers. Appreciate it Thanks in advance
You are in luck! I am a Realtor. The fees may vary according to your state. Find a Realtor and a loan officer you like and trust. That is the best way to save yourself money in the bottom line...The Realtor should spend about 1 hour with you doing a buyer counseling session. They can suggest a loan officer they know and trust will help you find the loan that works best for you!! It is all about you!!! for out of pocket expenses...there are 4 times you will need to have cash available. 1> you will have your appraisal fee 300+, your earnest money 500+ ,if you have a home inspection.250+ then your closing costs..around 3% of the purchase price. Sellers are he ping to pay this about 50% of the time! Your closing costs include your Home owners ins., pro-rated taxes, sewer and water fees for city, title search fees, title insurance-lenders is required, owners is optional.- This is all on the GFE- good faith estimate...get this from your lender. I would interview 2-3 agents and Lenders. An agent should want you to hire them as a Buyers agent. Thier commission % should be discussed at that time . Most of the time the seller pays the fee....Clear this up before you look at homes. Remember too ...the listing agent is hired by the SELLER. they will work to get thier client the best deal!! Hire your own agent!! Best of luck!!
The fees are divided into 2 categories #1 Non-recouring (These fees are a one time fee that will occur only because of this transaction) Title report Escrow fees Appraisals Mortgage Fees Points in association with the mortgage #2 Recouring (These are fees that will happen even if this transaction had not happened) Home Owner's Insurance Property Taxes Mello Fees HOA Fees Most lenders will allow the sellers to pay the non-recurring closing cost. Some lenders will allow the sellers to pay up to 6% of all closing cost. If it is not mentioned most pay 55/50 or each pay his own closing cost. If I am the buyer I would add to my contract that the seller would pay all closing cost. The only thing they can say is no. Then I would counter with Kentucky then pay 75% of the closing cost, but then that is me. So the answer is what ever the the buyer and seller agree to as well as what the lender will authorize. Now the GFE is a document that outline all the fees that will be paid during this transaction. If you select a buyer's agent the agent might charge you a fee for looking for property for you. Signing a document with this person will tie you to this guy. You need not sign an agreement to purchase a property unless you aboslutely desire to do so and is afraid that everyone in the real estate field is out to trap you or make some outrageous demands or charge you a mountain of money that you don't or shouldn't pay. Common sense will normally get you through. I hope this has been of some use to you, good luck. "FIGHT ON"
I don't recommend using a realtor if you can get away with it. If you don't use a realtor the seller will be much more likely to be able to provide assistance with your closing costs. There are plenty of resources available on the internet that can give you the same information a realtor would. Typical costs to the buyer in a purchase transaction include: appraisal -$300-$400 Home Owners Insurance - Varies greatly but expect over $1000 Costs to obtain a loan such as mortgage broker fee and lender fee - 1-2% of the loan amount. Typically the buyers closing costs are 3-4% of the sales price. I suggest to all my clients that as a buyer you make a reasonable offer to the seller but include the stipulation that the buyer contribute 3-4% seller concessions to help pay closing costs. If you get yourself 100% financing and get the seller to contribue funds.. you can literally get into a house with no money out of your pocket at all. I see it all the time
First of all never use an online mortgage company... They NEVER do a good job.... Second... definately hire you a buyer's agent. They will look out for you and plus the seller pays the commission so i'm not sure why anybody would suggest that you not use an agent. Even if it is a for sale by owner... your agent will know what you need to do and guide you in the right direction. There are so many laws and disclosures that you would be lost unless you buy/sell property on a regular basis... Also, the fees that the first person that answered were accurate... Get a home inspection... they always find something that you'd never think of... Good luck...