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Old 06-02-2009, 06:06 AM
 
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What do you do to minimize the closing cost when purchasing a home? How helpful can your attorney be?
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Old 06-02-2009, 06:38 AM
 
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You get the seller to pay for the closing costs when you write up the offer. Your attorney will likely be useless in reducing the closing costs, as he/she has no control over any of them, other than the "legal fees" line item.
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Old 06-02-2009, 07:56 AM
 
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Closing costs have increased as a result of the extremely low borrowing costs. Don't expect mortgage companies to waive a bunch of fees, many loans now have 1 point or fractional points as part of the loan pricing. You should be aware that some fees can be rolled into the loan but it's not wise to do that.
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Old 06-02-2009, 12:02 PM
 
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Originally Posted by TimidGuy View Post
What do you do to minimize the closing cost when purchasing a home? How helpful can your attorney be?
in this market, i would not pay more than 1¢ in closing costs.

we closed on a condo and paid $0.24 closing costs, but that was due to some miscalculation on the banks parts. we would not even think about going into contract with the seller paying all closing costs, escrow, tax, appraisal, post inspection everything. the only think we paid at closing was the rest of the down payment and of course the extra $0.24 from the bank error.

yes you need have your realtor (to make sure its in the original contract) and lawyer (to make sure it actually happens) working on your side. the seller tried to get out of paying closing cost about 1 week before closing but our lawyer talked some sense into them.
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Old 06-02-2009, 03:58 PM
 
Location: In the woods
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Originally Posted by TimidGuy View Post
What do you do to minimize the closing cost when purchasing a home? How helpful can your attorney be?
It depends if you're in an area with a hot or cold market. I am selling my house in Virginia (outside of Washington, DC) and the new Buyer has offered to pay Closing Costs.
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Old 06-03-2009, 08:06 AM
 
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Some attorneys will even charge you extra fees. Like overnight fees, document prep, disbursements, ect... They will try and help you save money as long as is it isn’t coming out of their fees. So its up to the sellers willingness to offer some help.
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