Tweats O' the Day

[jenny_fur]

• 10:01 I'm so bloody tired this morning. More so than usual #
• 10:23 The search goes on.. #
• 10:26 I think I am getting the plagues #
• 10:37 @ valerini I checked with Tim, the average closing costs for a house are $30-$40K, which is insane. #
• 11:27 I don't think I'll be going to NYC on Monday after all. I'm too low on funds at this point. #

Comments

[valerini]

well, if that's the case, I guess we'll be be apartment dwellers for a long time to come.

Oh well.

[helcat]

See mine and Dani's comments below. :D

[jenny_fur]

He neglected to mention closing costs are much higher when you are buying AND selling a house. Evenso, closing costs when you are just buying will be a minimum of about $10K for closing costs if you are buying up front.

shhhhh

[jenny_fur]

Oh and on that other matter....

RESULT!

[windsornot]

I think Tim has his numbers wrong, like he might have added an extra zero on those numbers. My hubby and I have bought two properties in the last 7 years, and I can tell you between the two of us we've never had $30-40K anywhere. $3-4K for closing might be more realistic. I just asked my hubby, who negotiated both houses, and he said that Tim could've have gotten that number based on equity in your house vs what its current value in the market today against your current mortgage, as well as how you'd be setting up your next mortgage (how many points in order to lower the interest rate, etc.) But on average, it's not QUITE that high. I think you might want to double check the equity that you have in the current house, because that will be a big part of you being able to sell it and still do okay.

[jenny_fur]

Closing costs are lower if you are just buying a house and not selling as well... but yah the closing costs for the house we were looking at was in the $40K range. I don't know if there is a difference state to state or if it is determinate on the cost of the property. I know it includes title transfer and something else that amounts to the cost of 2% of the property cost.

[helcat]

closing costs for our house was $8,000, and the sellers picked up almost all of it.

[jenny_fur]

Thats awesome. Not sure why they are so high up here in PA then. I know its higher when you buy and sell.... I think closing costs for when we bought this house and sold the one on henry ave were about $20K.

[vlynn]

Granted, my house was a killer deal, but 5 years ago when I bought my house, my closing costs were about $4k.

[jenny_fur]

I wonder if they threw in some extra insurances and crap that would make it $40K, I just can't believe how high it was.