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Knowing all about closing costs key to home buyers
07-26-2011
Knowing all about closing costs key to home buyers
July 26, 2011
Oftentimes, home buyers find themselves surprised by certain fees associated with closing costs when finalizing a home purchase, according to AOL Real Estate. Making an offer on a home without complete knowledge of closing costs could come back to bite home buyers, AOL Real Estate reports.
While recent federal regulations now make it easier for home buyers to know what goes into closing costs that they can expect to pay, AOL Real Estate reports on some tips regarding closing costs home buyers may want to utilize in their purchase of a property.
Ask home seller to cover closing costs
Though not all home sellers may be willing to do so, AOL Real Estate reports home buyers should consider talking with their real estate agent to see if a home seller would be willing to pay for some or all closing costs for a sale.
According to AOL Real Estate, many home buyers often have to pay considerable down payments on homes for sale. With closing costs added in, some home buyers may find they can barely afford it. Having a home seller chip in with the fees could help move the deal along. Often, a home seller may be amenable to this proposition if their home has been sitting on the market for a substantial period, AOL Real Estate reports.
Get Good Faith Estimates
AOL Real Estate reports home buyers should obtain and review a Good Faith Estimate (GFE) from their lender. A GFE describes the closing costs associated with a loan, including lender fees and other costs, such as inspection and appraisal fees, according to AOL Real Estate.
However, a GFE is only an estimate, and therefore, should only be used as a guide to get a rough idea of what closing costs on homes for sale in a home buyer's price range would be, AOL Real Estate reports.
Additionally, home buyers are advised to get more than one GFE from multiple lenders, as they may be able to negotiate with lenders on some fees, according to AOL Real Estate.
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