Buying a new home in South Florida? Better not forget the closing costs. I know when I first moved here 22 years ago I almost had a heart attack when I saw them. South Carolina's closing costs are in the hundreds, but Florida's is in the thousands!
If you think you have enough for a down payment of say 20% then you better add $10,000 to that figure in order to close. If you're not getting a mortgage then the closing costs do go down quite a bit, but there are some things you should be aware of. Part of your closing costs include title insurance and a myriad of other miscellaneous junk fees that you probably never heard of. Can you get around them? Some perhaps if you are or have a smooth negotiator working for you that can get some of them removed.
Be very wary of realtors who wear two hats, one of realtor and the other of mortgage broker. They usually have an ulterior motive and charge absorbatant origination fees to make up for their commission. You are always better off going to a local bank than any broker. They tout the fact that they have the ability to shop around. In fact, they charge more for a loan though. It's kind of like buying a plane ticket from Expedia vs. American Airlines. You're always better off going directly to the source.
And finally, always ask your title company for a fee sheet. You are entitled to it before closing. If you don't like what you see then shop around. And shop around you can because in Florida the buyer selects who closes the deal.
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