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 Post subject: Are there any Realtors or loan officers out there?
PostPosted: Fri Nov 18, 2005 2:17 pm 
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frostingspoon
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I have a few questions about the selling of my condo.

I know I pay the realtors fees. Do I need to pay for closing costs too, or is that all the buyer's responsibility?


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PostPosted: Fri Nov 18, 2005 2:18 pm 
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I'm not a loan officer, but I always thought the closing costs were a point of negotiation between the buyer and the seller. Your real estate agent should know.


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PostPosted: Fri Nov 18, 2005 2:19 pm 
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Make the buyer pay them. It should be in the contract. Have you signed a contract yet?

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PostPosted: Fri Nov 18, 2005 2:21 pm 
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I always thought the buyer pays.

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PostPosted: Fri Nov 18, 2005 2:22 pm 
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TALK TO SCOTTYCASH!

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PostPosted: Fri Nov 18, 2005 2:31 pm 
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oldbullee Wrote:
I always thought the buyer pays.


they do; it will typically be worked out between the realtors and the closing attorney before you ever get to closing.

But it is something that would be stated in the contract---that's why you gotta read them contracts.

And split the real estate commissions. Don't pay somebody else's broker. Fuck them.

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PostPosted: Fri Nov 18, 2005 2:37 pm 
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I think that splitting the realtor's fees should be the way things go, but it's too late for that. We have an offer on the table, and I don't see anything about me paying closing costs, although it is hard to read. I have a call into my lawyer. When we bought our house a couple months back we tried to get them to pay our closing costs and they said no way. But I am not sure if there are Buyer closing costs AND Seller closing costs.

where is scottycash when ya need him?


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PostPosted: Fri Nov 18, 2005 2:40 pm 
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There's usually a standard for who pays what that differs somewhat by region of the country. Everything's negotiable but if I'm a buyer, I have in mind what I'm willing to pay in total based on market price for the property and local standards as to closing costs. I'll pay more closing costs but if I do its coming out of what I'll pay in purchase price.

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PostPosted: Fri Nov 18, 2005 2:41 pm 
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Do a google search on residential closing costs timmy...you'll find information on what's standard practice.

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PostPosted: Fri Nov 18, 2005 2:41 pm 
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I've never dealt with a real estate agent that wasn't a scum-sucking pig.


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PostPosted: Fri Nov 18, 2005 2:43 pm 
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also depends on the buyers lender and what they are approved for because oftentimes the costs (and the commision) are just simply added into the loan kinda like your part will be deducted from the check that you get at closing.

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PostPosted: Fri Nov 18, 2005 2:44 pm 
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sweet potatoze Wrote:
I've never dealt with a real estate agent that wasn't a scum-sucking pig.


i haven't dealt with pigs, I have been dealing with moronic lazy bastards. I told her she was fired, by giving her a 3 week notice, and she pulls in this sale almost 3 weeks to the day. I should have fired her ass a long time ago. It's been on the market in Chicago for 7 months which is absurd.


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PostPosted: Fri Nov 18, 2005 2:54 pm 
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well shit your selling in illinois....

i work for a mortgage company in illinios:

you are going to pay your realtor 7%

you are going to pay for a good deal of the title charges

depending on what county your in you may have to pay the tax stamps

plus a tax credit......

if you im me some details i can rough it out for you.

would need to know purchase price/county.....


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PostPosted: Fri Nov 18, 2005 3:00 pm 
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I believe the buyer pays closing costs, as a rule. And 7%, Scotty? Jeebus. I think 3-4 is standard up here in Madison.


<-- is buying a condo as we speak, or trying to.

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PostPosted: Fri Nov 18, 2005 3:01 pm 
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PostPosted: Fri Nov 18, 2005 3:12 pm 
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dr winston o'boogie Wrote:
Do a google search on residential closing costs timmy...you'll find information on what's standard practice.


I found this:
http://www.fullspectrumlending.com/lear ... losing.asp

but I don't know what the fees are estimated to be.

Scotty, PM sent!


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PostPosted: Fri Nov 18, 2005 3:12 pm 
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Cap'n Squirrgle Wrote:
I believe the buyer pays closing costs, as a rule. And 7%, Scotty? Jeebus. I think 3-4 is standard up here in Madison.


<-- is buying a condo as we speak, or trying to.


<---well if you want someone to objectively review your stuff

There are fees that the seller are responsible for paying (at least in Illinois)

The seller is responsible for a good share of the Title Insurance and a potion of the Title Company closing fee

Also the tax credit is not a fee, but you are responsible for ponying up what you own in property taxes. basically you will give it to the buyer to pay when they come due.

and tax stemps...def. tax stamps in chicagoland


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PostPosted: Fri Nov 18, 2005 4:37 pm 
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Cap'n Squirrgle Wrote:
I believe the buyer pays closing costs, as a rule. And 7%, Scotty? Jeebus. I think 3-4 is standard up here in Madison.


<-- is buying a condo as we speak, or trying to.

I think much varies by state. I bought a house in Madison about 4-5 yrs ago and the realtor commissions were 6%, 3% to listing and3% to buyers brokers. Then each of these split with sales and brokers.

Although right now i understabd that many sellers and buyers negoiate the fees up front. It is possible you just have to find the right brokers.

Also From past experience, Just about ANYTHING can be negotiated during a sale including repainting, repairs, appliances and such They may refuse but you can always ask and should! If the sale starts to slow down and neither side will budge sometimes the agents will kick-back part of their fee to make the sale go through. So don't be afraid to play hardball unless you are in a hurry or desperate. Once you have an offer WITH a deposit that generally proves they are serious. Gennerally the larger the deposit the more serious they are.

We have used a large depsit on a house to get concessions, price, repairs etc.


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PostPosted: Fri Nov 18, 2005 4:41 pm 
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Cap'n Squirrgle Wrote:
I believe the buyer pays closing costs, as a rule. And 7%, Scotty? Jeebus. I think 3-4 is standard up here in Madison.


<-- is buying a condo as we speak, or trying to.


I think 6% is the national average. Don't forget there are 2 agents - the listing agent and the selling agent. They tend to split fees in half. You're only probably thinking of the selling agent.

Not saying 6-7% isn't high. Its much lower in most countries and realtors are fighting in Washington like crazy to keep their control over what can go into the MLS to make it harder for sellers to sell their own homes and fighting against banks having the ability to provide realtor services.

Congress passed banking reforms several years ago that would have provided the ability of banks to enter this market and provide some competition on rates, but every year since realtors have successfully lobbied the congressional appropriations committees to specifically bar HUD and Treasury from spending any funds to implement the regulations that would have allowed banks in.


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PostPosted: Fri Nov 18, 2005 4:45 pm 
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dr winston o'boogie Wrote:
I think 6% is the national average. Don't forget there are 2 agents - the listing agent and the selling agent. They tend to split fees in half. You're only probably thinking of the selling agent.


3% for each side is pretty standard, even in commercial, where I do most of my business though there can always be exceptions.

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PostPosted: Fri Nov 18, 2005 4:46 pm 
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timmypie42 Wrote:
dr winston o'boogie Wrote:
Do a google search on residential closing costs timmy...you'll find information on what's standard practice.


I found this:
http://www.fullspectrumlending.com/lear ... losing.asp

but I don't know what the fees are estimated to be.

Scotty, PM sent!


Sounds like Scotty is taking care of you. If you go to any major bank though that does mortgage lending, most of their websites have loan calculators that provide estimates of loan costs. You enter in your state, the purchase price, your mortgage amount, and the type of loan you want and they will provide estimated rates. There is usually a "details" button you can push that provides more information including estimates of all closing costs (title insurance, escrow, inspection, credit reviews etc). That would give you the magnitude of fees your talking about and then you'd need to research who generally pays what. There are usually state agencies that regulate real estate sales and their websites often have such info.


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PostPosted: Fri Nov 18, 2005 4:55 pm 
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Yams Bloor Wrote:
in commercial, where I do most of my business


PM me if you know much about 1031 exchanges. In particular, I'm trying to figure out how banking laws and depository insurance treat the escrow accounts. I know the QI's take temporary legal title to exchange funds but are funds deposited in a bank by a QI on behalf of an exchanger all treated as the QI's funds and thus combined relative to federal deposit insurance caps?


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PostPosted: Fri Nov 18, 2005 5:04 pm 
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Cap'n Squirrgle Wrote:
I believe the buyer pays closing costs, as a rule. And 7%, Scotty? Jeebus. I think 3-4 is standard up here in Madison.


<-- is buying a condo as we speak, or trying to.


That's way high. Is that 7% split between 2 brokers?


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PostPosted: Fri Nov 18, 2005 5:13 pm 
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The realtor fee is 5% in Chicago split between the 2 agents. In Cincinnati it's 6% split, but the agents in Cincinnati do a lot more of the legwork, and we didn't need an attorney like we did in Chicago.

So to sum up Scotty's PM, I (as seller) will be paying taxes and title fees, (prob $1250) and the buyer will be paying the rest of the closing costs which when we bought the condo were $2-3000 I believe)

It would be easier to do this stuff on ebay...


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