Who pays for closing costs – Irvine Real Estate – Homes for Sale in Irvine

by Robert Mack on February 7, 2012

in Buyers, Latest News, Sellers

Many home buyers in today’s Irvine real estate market scrape together what they can just to have enough for a down payment, so when it comes to closing costs, buyers always ask who pays them!  In most cases, it’s safe to account for anywhere between 2-3% of the overall purchase price when approximating closing costs, and this amount can be a huge burden on a buyer who is limited on funds.  Check out this short video and learn who pays for closing costs and why they are negotiable. 

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Post by Robert Mack

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{ 3 comments… read them below or add one }

Debbie Gartner February 15, 2012 at 7:07 pm

Great video, love the hat-and yes, everything is negotiable. But I guess there must be some traditional costs that a buyer does pay-from the inspection up to closing.

Robert Mack February 15, 2012 at 10:43 pm

Debbie! thanks for the feedback and compliment:) I may make the hat my new thing (for a little)! You are totally correct and I agree 100%. In every case when I deal with a buyer I let them know that there are typically two fees that they will have to pay for out of pocket during the escrow period. One is the appraisal fee and the other is the home inspection fee. Those two are tough to avoid, unless we are dealing with an all cash buyer where no appraisal is needed, or we have a buyer/investor who doesn’t want to have a home inspection (at their own risk obvioulsy)….we always recommend a home inspection either way so there are no surprises later on and it’s super affordable! Sometimes other inspections may be recommend by me or the home inspector such as mold, roof, heating/AC unit, etc, which also may cost the buyer some bucks (but also may be free depending on the relationship we have with the company) during escrow but i’d rather be safe than sorry! All other fees are handled through escrow and the credit fromt the seller can be applied then!

Robert Mack March 21, 2012 at 7:02 pm

Hi Eric, thanks for your great feedback! Unfortunately so many buyers don’t count these “hidden costs” and many agents shy away from having the discusstion, which is why it is our job to make sure the buyers we work with understand that buying a home does have additional costs associated with it other than the typical downpayment. I believe that the real estate process is so much smoother when expectations are set which is why closing costs is one of the first discussions we have anytime we meet with new buyers. This way we are all on the same page and the lender pre-approving the buyers is on the same page or not. Once we have all the facts, we can get creative with our offers and find a balance that makes sense for everyone involved. Good luck to you and thx again.

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