UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: VUCommodore Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127684  
Subject: Saving for closing/downpayment Date: 12/17/2007 2:44 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Forgive me if this is answered elsewhere, but I haven't seen anything after a bit of searching.

I am trying to estimate what I need to save for all of my upfront costs related with a home purchase. This is to set a savings target as well as to get a better estimate of how soon a home purchase will be feasible within the price range that I have targetted.

I have a good estimate already of the necessary downpayment, moving costs, cost of some furniture I will "need" to add. The thing that I am missing is a good estimate of typical closing costs, fees, and other expenses that are a part of the home purchase process. Could somebody point me towards something like this?

Second, I understand that in some instances, closing costs are paid by the seller as part of the negotiation between buyer and seller, and are de facto rolled into the purchase price. How common is this arrangment? Are there other situations that could reduce the amount of money that I pay up front?

The area that I'm looking at has many satisfactory homes in the 28%/36% area, and this forum has been instrumental in guiding me in the very early stages of my first home purchase. Thanks very much to everybody who has helped so far, and to everyone willing to help with my present and future questions.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement