Closing Costs when buying a home
Much of the negotiating room depends on many things like how long it's been on the market, how desirable the location, condition of the home, etc. I usually pull comparable properties to see where the pricing should be and where to begin negations.
Most of your costs would be born from the lender. So if you have no lender your costs would be minimal.
You would have proration of taxes. To figure this out you take the taxes for the year and divide by 365 and then you have your per day tax amount. You take that amount and multiply it by the number of days in the year that you will own the house. If you have a mortgage you'd have to escrow the funds for this. If you don't put 20% down then you'd have PMI insurance.
Your lender would order your appraisal and there would be a fee for the loan origination and points. Then you'd have a few other smaller fees like-underwriting, doc prep, recording fees, credit report and courier fees. If you were financing you would need a survey which usually costs around $300-$350. We have surveyors that will do the flood certificate for just a little more than the survey, like an extra $75.
Another cost would be title insurance (which is negotiable between the buyer and seller) on $100K it would be $575 and then a another $250 for the search and exam fee. A small settlement fee by the title company or attorney that closes it this is usually around $250-$500. On the higher end if it's an attorney. If the seller pays, the buyer is still responsible for lender required endorsements if they are obtaining a mortgage.
You would have the first year of homeowners insurance and this varies greatly depending on location of the home, age, hip roof or not, hurricane shutters, etc. You would also if to pay flood insurance, if the home is in a flood zone.
If you are getting a mortgage -- the state of FL charges doc stamps at $ .35 per $100 of mortgage amount, intangible tax at $ .20 per $100 (ie $2 per $1000) of mortgage amount.
The other FL transfer tax is doc stamps on the deed at $ .70 per $100 of purchase price. Most bank owned properties and builders make the buyer pay this.
If you want a home inspection that would usually run you around $300-$350. I would also recommend a wind mitigation survey and a four point inspection (this can be done during your inspection). This can be done for about $150 and it will in most cases save you a bundle of money on your home owners insurance. They just come out and rate your home for wind resistance. In some areas I would recommend a septic, roof or well inspection.
Some communities may have HOA fees or an upfront Capitalization fees. If there is a CDD that would be prorated.
I've heard people estimate 4.5-6% of the sale price for the buyer getting a conventional loan. I like to calculate everything out.
The title company with give you what's called a HUD and it will have all of the expenses spelled out.
Most of your costs would be born from the lender. So if you have no lender your costs would be minimal.
You would have proration of taxes. To figure this out you take the taxes for the year and divide by 365 and then you have your per day tax amount. You take that amount and multiply it by the number of days in the year that you will own the house. If you have a mortgage you'd have to escrow the funds for this. If you don't put 20% down then you'd have PMI insurance.
Your lender would order your appraisal and there would be a fee for the loan origination and points. Then you'd have a few other smaller fees like-underwriting, doc prep, recording fees, credit report and courier fees. If you were financing you would need a survey which usually costs around $300-$350. We have surveyors that will do the flood certificate for just a little more than the survey, like an extra $75.
Another cost would be title insurance (which is negotiable between the buyer and seller) on $100K it would be $575 and then a another $250 for the search and exam fee. A small settlement fee by the title company or attorney that closes it this is usually around $250-$500. On the higher end if it's an attorney. If the seller pays, the buyer is still responsible for lender required endorsements if they are obtaining a mortgage.
You would have the first year of homeowners insurance and this varies greatly depending on location of the home, age, hip roof or not, hurricane shutters, etc. You would also if to pay flood insurance, if the home is in a flood zone.
If you are getting a mortgage -- the state of FL charges doc stamps at $ .35 per $100 of mortgage amount, intangible tax at $ .20 per $100 (ie $2 per $1000) of mortgage amount.
The other FL transfer tax is doc stamps on the deed at $ .70 per $100 of purchase price. Most bank owned properties and builders make the buyer pay this.
If you want a home inspection that would usually run you around $300-$350. I would also recommend a wind mitigation survey and a four point inspection (this can be done during your inspection). This can be done for about $150 and it will in most cases save you a bundle of money on your home owners insurance. They just come out and rate your home for wind resistance. In some areas I would recommend a septic, roof or well inspection.
Some communities may have HOA fees or an upfront Capitalization fees. If there is a CDD that would be prorated.
I've heard people estimate 4.5-6% of the sale price for the buyer getting a conventional loan. I like to calculate everything out.
The title company with give you what's called a HUD and it will have all of the expenses spelled out.
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