How Much Do Closing Costs Cost?
If you are in the middle of a Manteca real estate transaction, no matter whether you are selling or purchasing a home, then you are likely aware that there are closing costs involved when it comes to the completion of the Manteca house’s sale. Closing costs help to cover the expenses that are connected to the Manteca home sale processes.
There are many different costs that are associated with closing a Manteca home’s sale and each party has different costs to pay.
Manteca Home Sellers
Generally speaking, Manteca homebuyers can expect to pay as much as two to five percent of the purchase price of the home in closing fees. Meanwhile, the home’s seller usually has more to pay than the buyer because of real estate commission fees.
While sellers can generally expect to put down anywhere from five to ten percent of the home’s sale price in their closing costs, there is a chance that these fees can vary more widely than the fees for the homebuyers due to different real estate commission fees in different locations.
The seller of the Manteca home will pay for the home’s commission. The commission is the largest fee involved with the closing process. Sellers might pay property taxes and pro-rated homeowners association dues, if applicable.
Manteca Homebuyers
Buyers, on the other hand, tend to have a greater number of expenses, but many are of smaller values when compared to the big expenses that sellers have to pay. For example, buyers are responsible for appraisal fees, origination fees, prepaid interest and prepaid insurance, flood certification fee, tax servicing fee, credit report fee, bank processing fee, recording fee, notary fee, and title insurance.
If you are buying a Manteca house, you want to be sure to double-check these fees to ensure that you have all fees covered and accounted for as some of these fees can be difficult to track down.
Your bank can be a wonderful resource here in this process as well because you can connect with your banker and loan officer to determine the loan fees you might have, including your mortgage payment.
Additionally, some of the closing costs can be negotiated during the Manteca home’s sale. For example, if you are buying the home, it might be a better option for you to negotiate that the seller picks up some of the closing costs rather than asking for $5,000 more off the house’s listing price to be knocked down. Take a look at your budget and your expenses beforehand and do some calculating to determine what will be the best for you.
By looking at your expenses and planning accordingly, you can prepare yourself for what you will be spending on closing costs with your Manteca home’s purchase or sale.