Closing Costs

Closing costs are the various fees one is expected to pay when a real estate transaction is completed. These expenses are split between the home buyer and the seller, and are an essential consideration when finalizing a home purchase. Typically, these costs are the buyer's responsibility however, these are not set in stone. An excellent realtor can help you negotiate with the seller to cover a few of the costs involved in the transaction.

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Home Buyers Closing Costs

Home Inspections

Surveys

Property Taxes

Property Association Dues

Attorney Fees

Title Insurance Policy Fee

Hazard Insurance

Lender Fees

Flood Zone

Certification Fees

Fees to Record the New Deed

Home Sellers Closing Costs

Attorney Fee

Tax Stamps

Property Taxes

Property Association Dues

Real Estate Commission

Any Costs the Seller Agrees to Share with the Buyer

Check out our original blog post at https://www.winstonsalemhomes4sale.com/ for more information.

Tips on Lowering Your Closing Cost

1. Get a Rebate from the Broker's Commission

You can not only negotiate a lower broker's fee, you can also ask for a discount on the commission of your brokerage. Several firms offer various rebates if you do some of the legwork, including viewing properties on your own in exchange for a discount.

2. Research Fees

Knowing what you're paying for is an excellent way to budget your expenses properly. Ensure that you have a detailed breakdown of all the fees associated with your purchase, and make sure to ask a trusted broker to help explain any charges you may incur.

3. Wait for a Resale in a New Construction

New homes tend to have higher price tags than slightly used properties or resale on similar residential development. If you're not in a hurry to buy, it may be a good idea to wait on a resale to get a better deal than buying a home outright.

4. Get in Touch with Multiple Lenders

Every lender you contact gives you more opportunity to save costs and learn about the many charges associated with your transaction. Make sure you properly review all costs involved with that lender and let them know you're inquiring with their competitors to get the best deal possible.

5. Set Your Closing Date Towards the End of the Month

You can get a lower cost for the pre-paid "per diem" interest on your daily insurance charges as the period between your loan closing and the beginning of the next month is shorter. To compute for your savings, multiply your loan amount by your interest rate and then divide the result by 365 to get your daily interest charge. Next, multiply that figure by the days left in the month to see how much you will be saving.

Check out our original blog post at https://www.winstonsalemhomes4sale.com/ for more information. If you would like to receive a FREE Competitive Market Analysis, contact me today. Let Me Help You Find Your Sherwood Forest, Winston Salem, NC Home! Click the link to find a complete list of Homes for Sale in Sherwood Forest, Winston Salem, NC. If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at 336.978.4745. ************************************************************************************

POSTED BY

Leonard Ryden Burr Real Estate

201 S Stratford Road

Suite 200

Winston-Salem, NC 27103

336.978.4745

brouse3@gmail.com