How do I determine what my closing costs will be?
Buying or selling a home is a complex process in which you will likely have closing costs even if you are buying from a family member or friend.
If you are selling your home by owner, you can expect fees such as title insurance, escrow fees, transfer taxes, recording fees, notary fees, buyer’s home warranty cost if agreed to, Natural Hazards disclosures, transaction coordination if chosen, and potentially more. The best way to get a close estimate of these fees is to get a Seller’s Net Sheet from the escrow company. Homepie can connect you with a partner escrow/title company who can give you this seller’s net sheet, upon request so you can have a good idea of what closing costs to expect. Simply click the Chat/Help button on the lower right of any screen or contact your Homepie Concierge to request this, and we will put you in touch with the escrow company right away. NOTE: If you are offering any commission to any real estate agents, you’ll of course need to account for that too.
If you are buying a home and getting a loan, you will typically have more closing costs than a seller because in addition to many of the items the seller has including title insurance, escrow fees, recording fees, notary fees, etc, you will also have loan related fees such as underwriting, origination, appraisal, prepaid interest, other prepaid items like taxes and insurance, and more. The best way, as a buyer, to get a close estimate of your closing costs, is to speak with your lender. Homepie can connect you with one of our partner lenders upon request. Keep in mind that the lenders closing cost estimate does not include any fees you pay to some of the third party vendors you may need such as the fee to have a home inspection. These vendors are typically paid at the time they perform the service.
If you are buying and paying in cash, Homepie can connect you with one of our partner escrow companies to give you an estimated closing statement that does not include any lender related items.