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Old 10-24-2007, 10:24 PM
 
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If someone was to purchase a house in Virginia for, say, $212,500 and was to have a mortgage of $170,000, what would the estimated closing costs be? Are they based on the value of the house or the mortgage balance? Any guidance would be greatly appreciated by one and all
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Old 10-25-2007, 03:10 AM
 
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Hi, I just paid around $10,000 in closing costs for a $330,000 house (not even in VA, but, might be helpful). About $700 paid my first year's insurance - forwarded to the insurance company; about $200 reimbursed the seller for HOA fees they had paid for the year. I'd have to pull out the paperwork to know how the rest was allocated. Now that you mention it, the mortgage balance (for me, 250) might have played a role in some of the calculations. good question.
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Old 10-25-2007, 07:33 AM
 
Location: Gainesville, VA
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Generally speaking, your closing costs are going to be around 3% of your loan amount.
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Old 10-25-2007, 08:47 AM
 
Location: McLean, VA
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Wait....why are YOU paying the closing costs? Have you considered getting the seller to pay? There are far too many properties out there right now. Hold the seller over a barrell!
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Old 10-25-2007, 08:56 AM
 
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Most people are buying a home, not a property...
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Old 10-25-2007, 09:51 AM
 
Location: McLean, VA
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Quote:
Originally Posted by saganista View Post
Most people are buying a home, not a property...
Perhaps you mean that most people are buying a home, not an investment. Nonetheless, asking for closing assistance is pretty much standard in this market, regardless of intent. And speaking of closing costs, I'd also ask for the seller to pay for title insurance.
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Old 10-25-2007, 11:49 AM
 
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Hmm, I mentioned that to my realtor (I thought it was really standard to negotiate closing costs) and after some awkward moments she told me that sellers want buyers who can pay their own closing costs. It just *seems* that you either want to low ball the offering price, or ask for them to pay the closing costs. Like, I paid 20% below the initial offering price for my house, and I think that if I had started mixing in closing costs I would have ended up worse off (in terms of the counter-offer, etc.).
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Old 10-25-2007, 12:00 PM
 
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My closing costs for a property with similar pricing was between 3-4k. You have to watch so as not to pay for those junk fees that so many are known to tack on.

Good luck!

Janine
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Old 10-25-2007, 01:19 PM
 
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Quote:
Originally Posted by E&MFlorida View Post
If someone was to purchase a house in Virginia for, say, $212,500 and was to have a mortgage of $170,000, what would the estimated closing costs be? Are they based on the value of the house or the mortgage balance? Any guidance would be greatly appreciated by one and all
Here is sample closing cost summary for Loudon County. It would give you an idea of what's included. There are various closing cost estimator sites out on the internet that could help you figure out what yours might look like, but in NoVa at least, it isn't likely that the purchase price of much is going to be $212,500....

CLOSING COSTS FOR RESIDENTIAL REAL ESTATE IN LOUDOUN COUNTY, VIRGINIA
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Old 10-25-2007, 06:19 PM
 
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Default Estimated Closing Costs

Quote:
Originally Posted by saganista View Post
Here is sample closing cost summary for Loudon County. It would give you an idea of what's included. There are various closing cost estimator sites out on the internet that could help you figure out what yours might look like, but in NoVa at least, it isn't likely that the purchase price of much is going to be $212,500....

CLOSING COSTS FOR RESIDENTIAL REAL ESTATE IN LOUDOUN COUNTY, VIRGINIA
Saganista - Thanks for the Loudon County form. Would you by chance know what the Title Insurance cost would be if it was not an owner's policy? I have read that owners policies are usually not often needed (?)
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