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Old 02-24-2013, 06:59 PM
 
Location: Dallas, TX
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I know there are many variables but I was wondering ball park what % of the sales price we should set aside for closing costs?
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Old 02-24-2013, 07:35 PM
 
Location: Simmering in DFW
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Buy side or sell side???
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Old 02-24-2013, 07:38 PM
 
Location: Dallas, TX
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Quote:
Originally Posted by Squirl View Post
Buy side or sell side???
Buy side
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Old 02-24-2013, 08:30 PM
 
Location: Texas
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On a $400,000 home you can be anywhere between $8600-$9800 depending upon points paid, and other fee's. Just a general ball park. The absolute best option is to get pre-approved and ask your LO for a GFE & a TIL (which they won't want to provide ~ b/c at an approval there is a lot that can change), where it will break down your closing costs & the actual amounts.
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Old 02-24-2013, 08:59 PM
Status: "just keep scrolling then?" (set 11 days ago)
 
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Quote:
Originally Posted by Squirl View Post
Buy side or sell side???
What about sell side, 200k home?
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Old 02-24-2013, 09:01 PM
 
Location: Simmering in DFW
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Quote:
Originally Posted by sapphire View Post
What about sell side, 200k home?
I always estimate 10% with realtor's fees, closing costs, any repair concessions....
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Old 02-24-2013, 11:02 PM
 
Location: Funky town
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Quote:
Originally Posted by Squirl View Post
I always estimate 10% with realtor's fees, closing costs, any repair concessions....
There is so much waste in the system. It is unbelievable. Moderator cut: off topic

Last edited by SouthernBelleInUtah; 02-25-2013 at 10:30 AM..
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Old 02-24-2013, 11:32 PM
 
Location: Dallas/Fort Worth, Texas
4,136 posts, read 13,445,951 times
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Quote:
Originally Posted by LV702 View Post
I know there are many variables but I was wondering ball park what % of the sales price we should set aside for closing costs?
I typically tell buyers to estimate about 3% of the sales price in closing costs AND prepaids.

Quote:
Originally Posted by sapphire View Post
What about sell side, 200k home?
Should be right at about 1.8% plus Realtor fees which are negotiable.

Naima
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Old 02-25-2013, 08:29 AM
 
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According to my experience 3% for buyers and 8% for sellers. One seller paid 50% of our closing cost and other offered 5k towards closing but that was a different market.
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Old 02-25-2013, 10:13 AM
 
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Also keep in mind that you may be able to save closing costs by getting to pick your own Title Service, etc.
We did that here in Louisiana because the bank was telling us what the costs would be with a "Good Faith Estimate".
HUD regulations require full-disclosure line-by-line and we felt the survey was unnecessary since we were
basically doing a re-finance and had that waived. We also chose our own Title & Insurance and a few other
factors which saved us a good bit. Ask around, do a "search" on any of the popular financial search engines
about "saving money on closing costs".

Mortgage companies won't feel they're not compelled to educate you on these things, hoping instead that you'll be like sheep and just sign away. Big reason: They get more money if you don't know what to ask or demand.

Good Luck.
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