U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-17-2007, 07:01 PM
 
Location: in my imagination
12,933 posts, read 20,321,540 times
Reputation: 9361

Advertisements

I just did a little search to see if I find some info on closing costs in FL,didn't find much.

Im wondering because,my realtor has told me that at least here in the Miami area for a house in the 300k range,closing costs run around 15k.Is this true?

How is this exactly calculated?Are there set fees or based on sale price?Are closing costs similar throughout Florida?

15k seems a bit excessive to me,Im willing to cover some of the closing for a potential buyer but I want the lowdown.

Also,lets say someone buys a house paid cash,does this affect the closing costs?This I want to know because I plan on doing this and I need to know what I 'll have to lay out besides buying the house,which will effect the amount and size of a house I'll be able to buy.

thanks
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-17-2007, 07:09 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,293 posts, read 15,643,385 times
Reputation: 7018
Quote:
Originally Posted by lionking View Post
I just did a little search to see if I find some info on closing costs in FL,didn't find much.

Im wondering because,my realtor has told me that at least here in the Miami area for a house in the 300k range,closing costs run around 15k.Is this true?

How is this exactly calculated?Are there set fees or based on sale price?Are closing costs similar throughout Florida?

15k seems a bit excessive to me,Im willing to cover some of the closing for a potential buyer but I want the lowdown.

Also,lets say someone buys a house paid cash,does this affect the closing costs?This I want to know because I plan on doing this and I need to know what I 'll have to lay out besides buying the house,which will effect the amount and size of a house I'll be able to buy.

thanks
I forget exactly but there are some routine fixed costs - for that lender - and then prorated taxes, water, electric, etc. which they calculate right down to the wire for closing day. But why don't you go onto any lender's website and "make believe" you're buying a house for $X and use the worksheet for good faith estimate. I know Countrywide has something like this. You'll have to play with the links a little bit. Also, there are some calculators and articles on Bankrate, Lending Tree and that sort.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-17-2007, 07:32 PM
 
1,608 posts, read 9,499,461 times
Reputation: 963
I'd say that is VERY excessive! I am not familiar with the Miami area real estate closing costs but I've never heard of someone paying that much closing cost for a house that price - anywhere!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-17-2007, 07:38 PM
 
Location: SE Florida
9,368 posts, read 24,295,119 times
Reputation: 9434
Part of that must be title insurance- an owners policy. Many feel that this is not necessary, but I sold a home in south FL that we had purchased through an estate and it was improperly titled before we bought it- the owners policy let me just close and go on with my life. Otherwise I would have had to track down out of state heirs and who knows what else.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2007, 05:05 AM
 
Location: NE Florida
17,833 posts, read 31,935,457 times
Reputation: 43376
prepays for insurances,taxes and HOA fees can also increase the closing costs.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-18-2007, 11:19 PM
 
Location: Ponte Vedra Beach, FL
159 posts, read 631,659 times
Reputation: 58
Closing costs are normally 3-5% of the loan amount. She quoted you 5%, the maximum.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-19-2007, 12:19 AM
 
8 posts, read 37,863 times
Reputation: 16
I have always been told that closing cost depend on how much of a down payment you make, and what kind of risk you are for the lender. Many people with excellent credit and a good down payment don't pay closing cost. Sometimes you can find a seller who will pay your closing cost for you.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-19-2007, 07:00 AM
 
1,418 posts, read 9,886,046 times
Reputation: 937
Here is a breakdown of "fairly priced" closing costs:

Seller's Costs:

Owner's Title insurance (estimated) - .0055 x Purchase price, up to $1,000,000

Doc Stamps on Deed - .007 x Purchase price

Title search - $125
Title examiniation - $100

Closing Fee, Doc Prep - total should not be more than about $400

Record Deed - $10.00

Courrier Fees - $50.00

Real Estate Commission - .05 x Purchase price

Taxes and Assessments prorated for the year or term


Buyer's Closing Costs

Lender's Junk Fees - This is where most buyers get ripped off - If you are smart, have shopped around, you should be able to at least find a loan with 1 point origination fee, competitive interest rate, $300 appraisal, and no other Junk Fees. There are better deals to be had out there, but you need to know how to tap into some of the wholesale lenders.

Insurance prepaid - $2000

Escrows for taxes and insurance - variable cost depending on when you close

Mortgagee Title policy - $25 plus endorsements that shouldn't run more than $300 on a $400,000 house

Doc Prep, Closing Fee - no more than $400.00

Courrier Fee - $50

Prorated Taxes and Insurance - Variable

Mortgage and Note Doc Stamps and Intangible Tax - .0055 x loan amount

Survey - $275

Pest Inspection $125

Recording costs - $200


You should be able to plug in the price of the house you are buying in the above and figure out what a fair closing cost should be.

By the way, since the seller usually controls the place of closing (something that many realtors won't tell you), the seller can shop around for the best closing rates between title companies and attorneys. You can ask them for their "rate sheet" and legitimate places that know what they're doing won't have any problem providing you with this. It's a good way to do a little comparative shoping. As a buyer, you need to be smart about contolling the closing costs in the contract before you sign it. If you don't do this, then you may get a bunch of high priced closing costs crammed down on you at closing.

Also, people really need to shop the loan - the internet is a good place to start; many mortgage brokers get a big fat fee for nothing. The difference could mean as much as $10,000. I'm not here to plug companies or get business, so I won't give out any names on this - besides, the competitiveness of lenders is always changing, so you really need to do your own research.

P.S. If I left any legitimate cost out, just let me know and I'll include it on the list.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-19-2007, 04:26 PM
 
Location: in my imagination
12,933 posts, read 20,321,540 times
Reputation: 9361
thanks for the replies
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-19-2007, 04:38 PM
 
Location: in my imagination
12,933 posts, read 20,321,540 times
Reputation: 9361
Quote:
Originally Posted by AFwife1983 View Post
Sometimes you can find a seller who will pay your closing cost for you.
which as a seller right now,Im willing to negotiate given market conditions.This why I asked for help,to know what as a seller I'll have to pay at closing,and what a buyers costs might be.

This will determine how low and how much Im willing to negotiate.With what I'm seeing,me as the seller will already have to dish out around 4k...this effects my negotiating power.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top