How Much is Closing Cost - Your DC, MD, & VA Realtor

When dealing with buyers many seem to be caught up in the thrill of looking for a new home. The question many ask is how much is closing cost gonna be. My first response is to initially refer them back to their lender because when it pertains to numbers my primary job is that of a Realtor my goal is to sell or find a home for my clients. Anything else I refer to the professional in that field. I do understand what buyers want so I provide myself with as much knowledge as possible. With that being said I always educate them on the entire home buying process to eliminate any and if possible all objections. Now when it pertains to HOW MUCH CLOSING COST IS. That's a number that cannot ever be given until you have a final sales price (not listed price) and all of the contributing factors are included. Such as taxes, insurance, seller contribution, final sales prices, are there any lender credit, is there an additional commission fee, is the buyer buying down any points. All of these help to determine the final closing cost amount. These will contribute to what the closing cost will eventually become. Closing cost with all of these factors included usually falls in the bracket of between 4.5%-6% of the final sales price. I would always use the higher end (6%) in determining what the closing cost will be because once you see the Good Faith Estimate from the lender if there are any discrepancies you can always ask questions and use the scale as to how the final closing cost numbers actually came about. Remember the final Closing Cost is not determined until the FINAL sales prices is determined and ALL contributing factors are included otherwise you will see that closing cost number often adjusting.

Damon J. Brockenberry (Damon The Agent)

Your DC, MD, & VA Realtor

Licensed in Washington, DC, Maryland, & Virginia

cell: 202-618-1382 e-mail: sold@damontheagent.com