What Closing Costs Do Buyers Have to Pay?

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Hey everyone, thanks for tuning in again. Last time, we talked about closing costs from a seller's perspective. We are back to do the same thing today, but from the buyer's perspective this time.

In terms of closing costs for buyers, they are different based on whether you are paying with cash or with financing. If you are paying cash, your two big costs are a title search and title insurance. You also may have to deal with various home inspections as well, but that's at your discretion. 

When you are borrowing money from a lender, they will have certain expenses you are required to pay. A loan origination fee, an appraisal fee, credit report, flood certification, an origination fee, and any other expenses they require. It depends on both the loan and the lender what your costs will be. They will give you that info with your pre-qualification. 

If you have any questions for us, just give us a call or send us an email. We would love to hear from you!

What Are Closing Costs Like in North Carolina?

  Selling your Mooresville home? Get a free home value report

Buying a Mooresville  home? Search all homes for sale 

Hey everyone, thanks for joining me again today. I'm going to be answering a question today from a client about seller closing costs. Susan wants to know:

"What are closing costs based on and what percentage of the sale goes to the seller?"

Susan, that's a great question. There really isn't a specific formula for what a seller nets on their property. As a seller, you will be paying for a deed in lieu waiver that is done by your attorney. Then you also have to pay revenue stamps to the state of North Carolina, based on a formula of two dollars for every thousand dollars of value.

Of course, your real estate commission, prorated share of the real estate taxes for the year in which you are selling, and any kind of mortgage or equity line tied to your real estate will also need to be paid off.

Those are the basic costs that sellers will have. In addition to those, it's possible you may also be paying for a home warranty, or even some of the buyer's closing costs. 

When you have questions about real estate and need the truth, you have to give me a call. You can always reach me by phone or by email if you have any questions at all!