New Construction - Closing Costs (Palm City, Stuart: real estate, foreclosure, HOA fees)

[rusty78]

I am planning to buy a new home in Martin County and I have been told that on a $400,000 home the closing cost are $12 x $14 thousand...is this accurate......

[HarryWho?]

Originally Posted by rusty78

I am planning to buy a new home in Martin County and I have been told that on a $400,000 home the closing cost are $12 x $14 thousand...is this accurate......

I don't see how unless you're getting a large loan. I bought an existing home worth about half that for cash and paid $16.00
Yes sixteen dollars.

[cmd610]

Yes. Our Martin County home was 440k new construction. Our closing costs were $12k in 2008. The builder gave us an incentive and paid $10k plus one year HOA fees. If you havent already, you can still use a realtor to negotiate a new build.

[rusty78]

Originally Posted by cmd610

Yes. Our Martin County home was 440k new construction. Our closing costs were $12k in 2008. The builder gave us an incentive and paid $10k plus one year HOA fees. If you havent already, you can still use a realtor to negotiate a new build.

Hard to believe...$12K in closing costs...it is almost cheaper up here in NY...what development did you buy in......we are looking into a Kolter Home in Stuart...they are only giving $5K towards closing costs...but $30K in credit at their design center...

How do you negotiate the price down...I thought it is all written in stone...I can see how you can negotiate an existing spec home...but we are looking into buying a lot and having the home built...

[cmd610]

Ours was a "spec" home and we had a real estate agent. We live in Highland's Reserve in Palm City, just off exit 102, one exit north of Kanner. To get the closing cost deal, we had to use the builders choice for financing. Our agent was able to get us some extras and the HOA fees. We did build our previous home on the West coast of Fl and our agent negotiated extras, upgrades and other incentives. It is tough to get the base price changed, but the builders make a ton of $$ on upgrades etc.

[rusty78]

Cmd610

We are looking in Tres Belle...by Kolter...I think one exit south...I am hoping there is some flexibility in the lot price...or perhaps they will have a spec home available that we like that they have been holding to long...tell me...what do you think is the best exposure for a home...I have been told east to west having the rear of the house facing east so you can enjoy your Lania and pool in the afternoon...any thoughts

[cmd610]

We (unfortunately) have east to west with the back of our home facing west. I have heard that a southern exposure is nice. That way neither the front nor the back gets blasted. Our child's room in the front of our home on the southeast corner is very warm, and stays warm all day. Our bedroom which faces west gets warm in the afternoon, but seems to cool quicker when the sun sets.

[Rabflmom]

Originally Posted by rusty78

Cmd610

We are looking in Tres Belle...by Kolter...I think one exit south...I am hoping there is some flexibility in the lot price...or perhaps they will have a spec home available that we like that they have been holding to long...tell me...what do you think is the best exposure for a home...I have been told east to west having the rear of the house facing east so you can enjoy your Lania and pool in the afternoon...any thoughts

East gets the heat from the sun in morning and west gets it in the evening. If you can build on a street where the house sits with front to North or South, the shorter sides of the house with less windows usually will get the heat from sun. Also if a hurricane comes it was much scarier in our house with the garage door facing East than when we got hit when our house faced south.

[LingLing]

Originally Posted by rusty78

I am planning to buy a new home in Martin County and I have been told that on a $400,000 home the closing cost are $12 x $14 thousand...is this accurate......

Do you have Good faith estimate(GFE)? Here are the main items in closing cost.

1. Lender fee. The main charge is origination fee (total loan%). This usually can be negotiated or you can take a higher rate to reduce this fee. Do go around and asking different lenders. I like provident funding myself.

2. Title charge. The insurance premium is fixed by state. However, lender can require different rider to add a little bit. But usually not much. The GFE is usually higher than the actual charge. If you can choose a title company, you can shop around, saving $100 or so.

3. Tax and recording fee. Tax is determined by the loan amount. Recording fee is determined by the number of pages in the loan documents.

4. HOA contribution. This is the same no matter which lender you will use.

5. Escrow. At this time of the year (close to November, tax collection date), lender often asks for the total amount of property tax and insurance. This is your money and leftover money after paying tax and insurance preimum will return to you.

Good luck,

[59chevyguy]

And don't forget if you are buying a foreclosure in an HOA and the current owner is delinquent in his HOA fees you may have to pick up the tab.