When buying a house how much does someone has to pay for paper work in Los Angeles California?
I'm trying to buy my first house in california ,but I'm a little confused when the realstate guy told me that we needed to pay 17000 dls. for paper work for a 580,000 dls. duplex. He said that depending of the price of the house that would determine the amount we had to pay for paper work. Is this for reals? He also said that he was going to make an offer and was going to ask the owner to pay part of the paper work fee. Please help before I go any deeper. Any tips thanks Renting & Real Estate - 5 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Robert, I'm a licensed real estate agent here in Los Angeles. What in the world are you talking about? If the property is listed for sale with a real estate agent and you are the buyer, the sellers pays your agents commission. There are cost involved in purchasing a dublex. For example: Escrow, title, mortage broker, etc.... I suggest you drop your agent and find one who is professional. Sincerely, Richard Johnston, REMAX http://www.estates.la
2 :
I strongly suggest that if your on answers hoping for the answer I would pay an attorney to deal with any paperwork regarding the figures your putting up that you definitely hire an attorney to do all your paper work. Clean no mix ups and your safe. Why riot???? Please don't fall prey to something that is not reviewed by a LAWYER, so then your SAFE Really Good Luck California Lucky You
3 :
Let get right to the point, this is the best option you can get. Please visit http://www.myloantips.com This information is great!
4 :
The *loan* might cost that much if you're paying two points plus inflated fees. The paperwork to buy the property is much smaller and the seller pays the majority of that (real estate transfer fees, owner's policy of title insurance, documentation and recording). Assuming they listed through MLS with a Cooperating Buyer's Broker agreement at least what it says on your buyer's agent's contract, your agent's commission will be paid from that. You can expect to pay for half of escrow. You can also expect to pay a few other fees that add up to maybe a few hundred dollars. You can also expect to pay loan costs if your agent didn't negotiate an allowance for them from the seller. In this market, that's pretty easy. You can expect to have to come up with the seed money for an impound account to pay your property taxes and homeowner's insurance, and you're going to have to buy homeowner's insurance in order to get a loan, but you wanted it anyway, so that if your $580,000 property burns down, you can rebuild it, right? This agent is either 1) So incompetent that you need to report them to Department of Real Estate NOW, 2) A scamster that you need to have arrested NOW or 3) So bad at explaining things that they shouldn't be in the business.
5 :
$17,000 sounds like a lot in closing costs. Is your agent doing the financing and representing you in the purchase of your home? You are the person making the offer, not your agent. They are only guides and advisors in the process. There are a few cirmcustances that your closing costs would be $17,000: 1. You are buying down the interest rate. 2. Your credit scores are not strong and you need to pay more in fees. 3. Your agent needs to put gas in their HUMMER. O.K but seriously. If this is your first home you may qualify for several First Time Home Buyer (FTHB) incentives. CalHFA.org has below market rates available as well as down payment assistance (DAPs). Depending on what city in LA you are looking at you may be eligible for their DAPs as well. Check the city web page under the housing Dept for more info. ~Danke Schoen Feel free to contact me with any other questions or a second opinion. Nathan MrDankeSchoen@yahoo.com 888-602-4622 ext 12 925-250-6067
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