Can I Negoicate closing cost fee???? Any adivce?????

[haapril]

Hello, everyone. I have to close on 9/30 and my closing cost fees are 12K can any of these the fees be negoicated?? And if so which one should I ask for??? I am tight on cash to close. Can anyone give me any advice?????? Thank you all.

[GRILLMASTERNEEDAHOUSE]

You can always negotiate closing costs especially in this buyers market. We negoiated 10K in closing costs. 8K was actual closing closts and 2K paid off a credit card.

[Anonymous]

to clarify, are you asking to negotiate the sellers to pay them, or to get them reduced.

And to answer both questions, it sounds like you already have an accepted offer so no you can not now go in and re-negotiate the seller to pay anything.

As far as negotiating the actual costs, there may be a few things that the lender can negotiate down a bit, but alot of the costs are fixed. 

What is the loan value?

IS tat the cash to close (including your down payment) or just the closing costs (lending and escrow monies that have to be paid)

Normally closing costs themselves run anywhere between 3-6% of the loan cost depending upon the size of the loan (smaller loanswill have higher % since the fixed costs are not any less for a smaller loan), the closing date, an tha amount of prepaid required (some lenders may require a full years insurance and/or taxes, otheres might require 3-4 months to be escrowed).

[haapril]

Yes the offer was accepted, the loan price is 214,000 and down payment is 32K and closing is 12K. I have high ratios so it causing me to put more monay down.

[Jazzzy]

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@haapril wrote:

Hello, everyone. I have to close on 9/30 and my closing cost fees are 12K can any of these the fees be negoicated?? And if so which one should I ask for??? I am tight on cash to close. Can anyone give me any advice?????? Thank you all.

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Didn't you have to show your loan officer that you already had enough cash to close? What happened?

I don't believe it would be proper for you to ask the seller to cover any of your fees. Connect with your real estate agent and see if she/he has any ideas. Your loan officer can tell you if the lender can be negotiable on any fees.

Again, how did this happen?

[GRILLMASTERNEEDAHOUSE]

I read too fast. Yes, this needed to be negotiated in the beginning.

[Anonymous]

12K in closing costs for a 214K loan is a little high.  that is a full 6%.  That said, if you are really outside of the normal box for an approval they may well be very little you can do about it.  Lenders who take on riskier loans are likely to charge higher funding fees and points,  etc.  It is really only the lenders fees that you could try to get reduced and if they are up in the air about approving you (as it appears they are with requiring the higher DP), asking for concessions from them could trigger the denial easily enough.  Especially if you told them you would have the money and now you do not.