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Be Prepared for Closing Costs

By
Real Estate Agent with Sothbey's International Realty

Congratulations! You're ready to close on your new Hoboken home. Are you also ready for the costs that go with closing? Find out how to be prepared for closing costs

  • Ask the seller to pay the closing costs. Before you make your offer on the home, ask your agent if it's possible to ask the seller to pay some, or even all, of the closing costs. Eager sellers are often willing to do so. On the other hand, some buyers will offer a higher bid on the home in exchange for the seller paying closing costs.

  • Make sure you understand the Good Faith Estimate. Your lender must provide you, within three days of your loan application, a Good Faith Estimate. This document spells out, among other things, a description of your closing costs. You should read it carefully, and make sure you understand what everything means. Ask your realtor or lender to explain anything that is not clear.

  • It's a good idea to get more than one Good Faith Estimate. Lenders all use the same form for the Good Faith Estimate, making it easy to compare costs and negotiate fees.

  • Pay careful attention to your HUD-1 statement. Ask your lender for a copy of your HUD-1 statement well in advance of your scheduled closing date. This way, you can compare the closing costs listed on both documents. Ask your lender to explain any differences you may find.

Knowing what costs to expect at closing will help you be prepared to have them covered. This will help make your close go much smoother and get you in your new home faster.

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker – REALTOR. His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County. You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

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Edward Perez, Broker Associate
NJ Luxury Group at Sotheby's International Realty
201.344.2886 mobile
edward@NJLuxuryGroup.com

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Comments (2)

Team Honeycutt
Allen Tate - Concord, NC

You gave some really good information on closing costs.  Buyers need to understand all of the facts and avoid the heartbreak of a bad closing due to a problem wirh closing costs.

Betty

Aug 20, 2011 09:07 AM
Edward Perez
Sothbey's International Realty - Hoboken, NJ

Yes, knowledge can save us all a lot of trouble. Thanks for your comment.

Aug 21, 2011 02:45 PM