What is the average for closing costs?

Question

What are closing costs? What is a good average for them? OR Where can I find the average for them in my city?

Answer 1

Closing costs vary so much... it's getting them identified up-front might be more important becasue they are usually negotiable. Or you might eliminate lenders that charge too much by inflated fees. Always look to the "HUD-1" form that ANY/ALL lenders muct provide before signing - and LOOK for the fees.... you'll be surprised how much they vary from lender to lender. But generally, if you take all the usual fees it's around $2000 for the honor of doing business with the usual bank lender (on a $100K deal).

Best Wishes,

Charlie Prewett

Prudential Carolinas Realty

Answer 2

Closing cost for buyer or for seller?  There are some big fees with Title Insurance, Escrow, Lender etc.  Your local title company can give you ball park figures based on purchase price. Everything is negotiable and certain regions of the country and states do things customary, i.e. seller may pay county transfer tax but buyer pays for title and escrow or those fees might be split 50/50.  If you are a buyer your lender can let you know what to expect and if you are a seller your title company can ball park some of the stardard fees.  Also, there may be a fee for any real estate agent if one is used paid by the seller.