[stars19]

Hi everyone,

Does anyone have a recent estimate of what closing costs run in Livingston/Washtenaw counties? As % of purchase price or just an amount and price, points separate? I'm trying to get an idea of what to expect.

Thanks.

[magellan]

Originally Posted by stars19

Hi everyone,

Does anyone have a recent estimate of what closing costs run in Livingston/Washtenaw counties? As % of purchase price or just an amount and price, points separate? I'm trying to get an idea of what to expect.

Thanks.

I would start with:

) Your bank
) Your real estate professional
) The title company

I wouldn't trust information like that on an internet forum.

[MikeBear]

It depends on whether you are the BUYER or the SELLER. Also based on the selling price.

I agree, you'll have to check with the title company, and your mortgage company.

Seller: 6 or 7% commission to RE agency, depends on the area (up here mid-Michigan, it's commonly 7%). Transfer/Excise tax: 0.9%. Title insurance, there's TWO prices, one for a "Lenders" policy (paid by BUYER) and one for "Owners" policy (paid by SELLER, usually almost TWICE the cost of the Lenders policy).

Then there's tax impounds, closing fee, recording fee, fees to your bank for generating the mortgage, etc.

It can vary widely. If you are the buyer, figure a minimum $5-6K HIGHER than the mortgage amount.

[magellan]

Originally Posted by MikeBear

It depends on whether you are the BUYER or the SELLER. Also based on the selling price.

I agree, you'll have to check with the title company, and your mortgage company.

Seller: 6 or 7% commission to RE agency, depends on the area (up here mid-Michigan, it's commonly 7%). Transfer/Excise tax: 0.9%. Title insurance, there's TWO prices, one for a "Lenders" policy (paid by BUYER) and one for "Owners" policy (paid by SELLER, usually almost TWICE the cost of the Lenders policy).

Then there's tax impounds, closing fee, recording fee, fees to your bank for generating the mortgage, etc.

It can vary widely. If you are the buyer, figure a minimum $5-6K HIGHER than the mortgage amount.

Like I said, people following legal and/or financial advice on an anonymous forum is recipe for disaster.

Thread is closed folks.