Appraisal

All lender-related fees

Document Stamp tax on loan

can save you thousands of dollars in closing costs, but it may not be the best choice for you. Do you need the additional tax write off for the interest on your property? Talk to your CPA to find out what is best for you.

How Buyers Can Reduce Their Closing Costs in Florida

1. Shop Around for Loan and Settlement Service Providers

is determine if you will be paying cash or getting a loan. We can recommend several lenders in the area who do a great job. Compare lenders by asking not only about the best rate but also ask for a list of their usual and customary closing fees. Once your lender is chosen you can compare closing agents. Do you prefer to work with an attorney or a title company

?

2. Ask the Seller to Share with Your Closing Costs

This adds up to thousands of dollars off the seller’s bottom line. In order to find a number that is a “win-win” for both parties and increase the odds of an accepted offer buyers, that ask for closing costs should offer more for the property itself. Communication between the buyer’s and seller’s agents is key here. In a recent transaction we facilitated the buyers negotiated almost all their closing costs to be paid by the sellers after agreeing to increase their offer to full price. Everybody was happy.

3. Consider a “No-Closing Cost” Mortgage

Ask your lender to run the numbers so you can compare and decide if this is the best financial decision for you.

4. Wait Until the End of the Month to Sign Your Loan Papers

have questions about specific closing costs you may incur when buying or selling a property

The buyer’s closing costs include fees charged by the mortgage company and the title insurance company. Some of these fees are required by the state or a government agency and, as such, are non-negotiable; while other fees can be negotiated. And while the list of closing costs above seems to be a bit overwhelming, some of these may not be applicable to the buyer. It is important to keep in mind that the buyer’s closing costs will depend on the price of your property, your financing choice, the location of the property, the types of insurance that your location requires, and whether you have opted to pay cash for the property you’re buying. River Strand, Manatee County property buyers who have opted to pay with cash, can expect a huge savings and avoid the mortgage-related closing costs:Another thing to keep in mind when buying a residential property in Manatee County is that paying with cash Looking at the closing costs for buyers can be a bit daunting, especially for first-time home buyers in River Strand, Manatee County, Florida. However, there are a few things you can do to reduce these costs, and we have compiled a list of strategies for buyers like you, who are looking to lower their closing costs:The first thing you need to doIt is highly probable that your lender works with particular companies with outstanding service or they might have negotiated for a volume discount, it is also good to ask your Realtor for referrals. Investing time to research all your options and weigh their pros and cons can truly be worth your while and save you hundreds of dollars.Depending on the market and the property you are planning to buy, you might be able to negotiate with the seller to share with some of your closing costs. In Manatee County, Florida, certain closing costs, such as Estoppel Letters, Manatee County Document Stamp Tax on Deed, Realtor commissions, and property taxes, are shouldered by the seller.A “no-closing cost mortgage” or “zero closing cost mortgage” may be your best option if you are short on cash or if you are planning on making a lot of improvements on your new property. Remember, when you choose this option, the closing costs that you do not pay up front will be rolled into your loan and, consequently, will increase your monthly mortgage payment.Delaying your closing to the end of the month means reducing your cash outlay for prepaid or “per diem” interest for the period between your loan closing and the start of the succeeding month. You can calculate your savings by multiplying your loan amount by your interest rate. For example, if your loan interest rate is 4%, multiply your loan amount by .04 and divide the result by 365 to get your daily interest charge. Then multiply that figure by the days left in the month to see how much you will be saving. If youin River Strand Golf & Country Club, Manatee County, FL, we are here to help. Feel free to call at 941-779-5617 or you may fill out our contact form below.