Making the switch from renter to homeowner can be intimidating. You’ve worked hard. You’ve made sacrifices, saved a down payment and cleaned up your credit. Now you’re ready to take the leap, but you want to reduce your real estate closing costs and not be hit with any unexpected surprises. You want to sit at the negotiating table armed with the knowledge to have the best interests of your wallet and your family at heart. You trust your real estate professional in Fontana, CA but you need education so they don’t take advantage of you when it comes time to make your move. Like the best chess players, you need a winning strategy. There’s a lot at stake, but we’re here to help you win. Here are some demystified truths and considerations to make you feel confident enough to take the next step.
- Buyers have a larger list of items to pay for but pay less overall.
- The seller will pay more money overall, because they have to pay real estate commission
- Most buyer costs come from the loan itself, so get a “loan estimate form” upfront.
This form will itemize and outline all of the loan fees. - Use the loan estimate form to shop for different lenders to get the best deal.
- You can prorate property tax and homeowner association fees (if applicable).
- You can negotiate and ask the seller to pay some of the closing costs if they’re firm with the purchase price.
- If sellers are motivated or eager, you may even be able to get cash back at closing.
- You can estimate the closing costs of each side based on your loan amount to help you budget.
- As the time gets nearer to the closing date, you should pretty much be able to know your exact costs, give or take a few dollars.
Overall, it is rare for a buyer to show up on the day the deal is due to be finalized and discover there are new costs in the contract. Rest assured that you as the buyer, the seller and your respective representatives will have outlined and arranged for everything in advance. That’s why it is key to have real estate professionals in Fontana, CA you can trust on your side. Always review your contracts thoroughly, and we’re here to help you confidently sign on the dotted line.
