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Old 07-23-2008, 12:27 PM
 
236 posts, read 806,653 times
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how do you calculate closing cost?
my home is on the market and we're thinking about contributing towards the buyers closing cost.
is there a certain % that closing cost comes out to be?
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Old 07-23-2008, 12:38 PM
 
Location: Charlotte, NC
195 posts, read 538,683 times
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Closing costs vary greatly, so there really is no way to "calculate" them. Most lenders won't allow more than 3% sometimes 6% seller concessions. That said 3% of your list price would be a great starting point for you.
Good Luck!
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Old 07-23-2008, 12:39 PM
 
Location: Union County, NC
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Lenders I have spoke with generally say to estimate that closing costs will be 2-3% of the loan amount.
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Old 07-23-2008, 12:59 PM
 
Location: Lake Wylie, SC
622 posts, read 1,782,868 times
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Your realtor should do this for you. There are forms that include the info and you can be pretty accurate in determining the number. Some of the items are commission, revenue stamps, impact fee (if required), YTD taxes due, YTD HOA fees, some attorney fees (minimal amt.).

You can also go on the web and search for a HUD form that outlines all of the items in the sale. If you go to page 2, you will see all the usual costs associated with closing.
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