My closing cost is $ 10, 000! Wow

[J_G]

So haven't received GFE yet But would like to know if the 2% USDA is part of the closing cost or separate? Now that I see the cost can be that high I'm more comfortable with it I just but when I read about it before on this forum I was reading 5k and lower but I guess they were smaller loans and are I'm low tax areas. Also the HOA there is 90 a month but they say that will go down once the sale more houses. We will be the second house sold. Thanks for your help everybody

[mariasoccermom11]

Jesus in 2007 I paid 39k on closing cost on my home here in ny. You making out on a good deal 

[StartingOver10]

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@mariasoccermom11 wrote:

Jesus in 2007 I paid 39k on closing cost on my home here in ny. You making out on a good deal 

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^^^ Sounds like you either had a higher purchase price than the $250k the OP is writing about or part of your cash to close included down payment funds (or both). If your cash to close did not include a portion of your down payment funds and was a similar purchase price, then $39k on a $250k purchase is over 15% which is extremely high for closing costs.

[mariasoccermom11]

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@StartingOver10 wrote:

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@mariasoccermom11 wrote:

Jesus in 2007 I paid 39k on closing cost on my home here in ny. You making out on a good deal 

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^^^ Sounds like you either had a higher purchase price than the $250k the OP is writing about or part of your cash to close included down payment funds (or both). If your cash to close did not include a portion of your down payment funds and was a similar purchase price, then $39k on a $250k purchase is over 15% which is extremely high for closing costs.

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no defintely not im just saying lol. my purschase price was 1.7 million. That was just the closing and then we put 500k down 

[StartingOver10]

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@mariasoccermom11 wrote:

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@StartingOver10 wrote:

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@mariasoccermom11 wrote:

Jesus in 2007 I paid 39k on closing cost on my home here in ny. You making out on a good deal 

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^^^ Sounds like you either had a higher purchase price than the $250k the OP is writing about or part of your cash to close included down payment funds (or both). If your cash to close did not include a portion of your down payment funds and was a similar purchase price, then $39k on a $250k purchase is over 15% which is extremely high for closing costs.

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no defintely not im just saying lol. my purschase price was 1.7 million. That was just the closing and then we put 500k down 

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^^^lol. I knew that something was off. It is based on the loan amount for most of the charges. Some are fixed.

[ezdriver]

Closing costs here in Northeast Florida is running about 3% of final home price on financed deals and 2% on cash deals.

[StartingOver10]

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@ezdriver wrote:

Closing costs here in Northeast Florida is running about 3% of final home price on financed deals and 2% on cash deals.

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It's 2% because you are working with a builder. In the normal FAR/BAR or FAR contract, the costs to close cash is substantially less depending upon which party pays title insurance. Title insurance in my county is usually a seller expense. Yet in the two counties adjoining my county, it is a normal buyer expense. So each contract has a section to negotiate the title expense. However, in most builder contracts, the builder pushes over typical seller closing costs to the buyer. (Never seen one where the builder picks up the costs unless it is negotiated in as a flat dollar amount, or percentage of base price, upfront).

[ezdriver]

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@StartingOver10 wrote:

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@ezdriver wrote:

Closing costs here in Northeast Florida is running about 3% of final home price on financed deals and 2% on cash deals.

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It's 2% because you are working with a builder. In the normal FAR/BAR or FAR contract, the costs to close cash is substantially less depending upon which party pays title insurance. Title insurance in my county is usually a seller expense. Yet in the two counties adjoining my county, it is a normal buyer expense. So each contract has a section to negotiate the title expense. However, in most builder contracts, the builder pushes over typical seller closing costs to the buyer. (Never seen one where the builder picks up the costs unless it is negotiated in as a flat dollar amount, or percentage of base price, upfront).

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Since title insurance exists to protect only the buyer in a cash deal, I'm shocked that any seller would pay that. Then again, in resale transactions, a closing costs $$ amount is what's usually negotiated with the seller ... not individual line items. For us, the only different between a cash deal vs a financed deal is mortgage taxes/stamps. We pay up to 3% of closing costs in financed deals and up to 2% in cash deals.

My statement about what closing costs are running is accurate [3% in financed deals and 2% in cash deals]. that statement was not addressing who pays what.