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Just Avoiding The Real Estate Checkout, Heading For The Parking Lot?

By
Real Estate Agent with MOOERS REALTY ME Broker License 106759

The price tag hanging off the real estate listings can be scary enough.

But the closing costs on real estate sales can sucker punch you too if not known upfront. Going in, it makes sense to have the little talk. On what to expect for the associated costs. To making the real estate transaction go through all the game board spaces. To make it through the closing operation. real estate puzzle graphic

Beyond the legal fees to title search and record the documents at the registry of deeds to make what you hanker yours, there are the little side expenses.

Because the property for sale is being financed to the hilt.

And the evil eye in the background from the bank "loan arranger", the many underwriters that need to sign off for the clear to close memo to all the real estate players. Have a few issues raising their ugly heads. With the ailing house roof, the leaky hot water boiler heating the sticks and bricks topping the list of property puzzle pieces needed.

The broken side window and missing railings on the cellar and front door steps need attention too.

Just a couple of items keeping insurance coverage from happening on the place with the for sale sign speared in the front lawn. For the all important binder that needs to be issued. To have the sit down closing paperwork shuffle and writer's cramp therapy to begin. maine real estate vending truck photo

Issues with a survey showing half the garage is not on the Maine land you are buying.

Or an easement for a future power-line hidden a few deeds back. That is going to slice and dice in a slashing diagonally manner someday.

Maybe.

What to expect for real estate closing costs.

Property sellers and buyers can really look deer in the headlights, eyes glazed over or fire red. When the discussion about closing costs is explained.

Why are those needed or "I'm not paying anything beyond the purchase price".

Or the buyer can pay my closing costs?

The seller saying pretty much the same thing. Whining let the new guy coming in and pick up the tab off the closing table for all this nonsense. What they perceive as padding the bill. Or double billing. Selling the land, the improvements on it is different. walter cronkhites photo

But being treated like it was the same. As if picking up auto parts or a loaf of bread at the local store. For the grab and go. Hit and run.

Totally surprised that beyond sales tax which was all they are up for and expecting. Feathers ruffled when told closing costs are part of the fun and games. That's it is just the way it is as Walter reminded. Removing his black rimmed 1960's glasses. And signing off with a reporter's smile as he left millions of living rooms for the night. 

How low can it be or high can it go for the how much are the real estate closing costs? A question we get to field on a daily basis marketing property listings as a dealer. Read article on real estate closing costs.

I'm Maine REALTOR Andrew Mooers, ME Broker

Comments (12)

Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, there can be issues with closing costs if they come as a surprise, Andrew.  It's our job to educate folks and prepare them for a purchase or let them know when it may be the smart thing to pass.

Sep 01, 2015 09:34 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Sometimes it is time to fold them... you have to know how to read the real estate cards and see what is missing or in your hand... good or bad Gabe Sanders !

Sep 01, 2015 09:40 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Especially with first-time home buyers, they are many times surprised of all the extra costs that may be involved...

Sep 01, 2015 09:45 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

When no money is flowing or available, the panic starts. The buyer who expects the seller to repair, handle the closing... not all will or can. They don't have the money either and inflating the price to give back the closing costs and cover repairs is not always possible when numbers gets too tight. And the market value is just not present.

Sep 01, 2015 10:22 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

I've learned so much "in the Rain" but do not envy home buyers that are not working with an agent that prepares them for what's to come.  It's not just about fiinding that perfect house.....it's about all the other expenses they might have in order to get them into that perfect house. 

Sep 01, 2015 10:32 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Roger D. Mucci ...So true... saddle up for the real estate wild ride and make sure you have someone that knows the score, sees the playing field unfolding as the navigator, expectation explainer in what is coming up and why, when.

Sep 01, 2015 11:51 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Good morning, Andrew -- it's all about the basics -- BE PREPARED.   

Sep 01, 2015 11:52 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

I'd put my trust in you any day sir!

Sep 01, 2015 11:53 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Andy. I spend a lot of time educating and going over costs associated with all transaction, when that doesn't happen, nothing good happens.

Sep 02, 2015 08:17 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Michael Jacobs ... Boy scout or girl scout ready.

Roger D. Mucci ....  Got your back.

Joe Petrowsky ... All of them are a tad different, some interesting. Others, well, not so much but "git 'er dunnnnnn'" as Larry would remind.

Sep 02, 2015 10:16 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Home bueyrs should choose a good agent who can help with these kind of issues.

Sep 02, 2015 11:22 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Gita Bantwal Like anything in life, the right partner makes all the difference in the experience, guidance, meeting expectations for the happy endings.

Sep 03, 2015 11:01 PM