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Closing on a home in navarre
Posted on 8/24/13 at 3:30 pm
Posted on 8/24/13 at 3:30 pm
My little sister just called me saying the bank lady called her this morning and told her they mAde a mistake on the closing cost of their home they are fixing to buy. It went up to from 4k to 13k.. Its a 225,000 fha loan with 7800 down.. That price seems high closing but i never bought a home in florida just la.... is this the norm price wise for closing on a house in fl?any feedback i could pass on to her about what to look for on the sheet they are emailing her with price breakdown to close
7
Posted on 8/24/13 at 3:48 pm to rollindaddy
The bank is trying to make up for the increase in market interest rates since your sister locked in her rate. I can almost guarantee that is what happened.
Posted on 8/24/13 at 4:11 pm to rollindaddy
That does seem very odd. What's the closing date?
Posted on 8/24/13 at 4:24 pm to DontTazeMeBro
ill find out when but rate was 4.5% i was told
Posted on 8/24/13 at 6:31 pm to rollindaddy
4.5% for FHA is not an old rate. Is it 13k with the down payment included? Should not be 13k in just closing costs. But I have never done a loan in Florida
Posted on 8/24/13 at 8:27 pm to rollindaddy
Were insurances included in the original estimate? Were FHA financing fees going to be rolled into that loan when the 4k estimate came out? Was seller giving anything back? Was the rate floated or actually locked? Lots of factors we don't know based on what you said
Posted on 8/24/13 at 8:31 pm to rollindaddy
I would have my own real estate attorney look at this. That is a huge mistake and no way I am trusting the realtor or banker
Posted on 8/24/13 at 10:05 pm to 756
I would tell them the deal is off fawk them
Posted on 8/24/13 at 10:48 pm to rollindaddy
Are they buying a short sale?
Posted on 8/25/13 at 12:21 am to rollindaddy
Look at the Good Faith Estimate.
They HAVE to honor that, they cannot increase their fees at all, for service providers she chose, maybe title company, they can increase.
Ask to see a copy of the original Good Faith Estimate.
They HAVE to honor that, they cannot increase their fees at all, for service providers she chose, maybe title company, they can increase.
Ask to see a copy of the original Good Faith Estimate.
Posted on 8/25/13 at 12:38 am to rollindaddy
as for a breakdown of fees, and also review the signed agreement. If the seller specified something about splitting agent fees that might be included in the closing costs. There could be other specifics that the seller is requiring pmt for (in the north paying PV of oil for heating is a big one). to me $4k seems absurdly low and $13k is more realistic at roughly 5% of closing, but again FL market is very different.
Posted on 8/25/13 at 7:37 am to BostonAdam
quote:
as for a breakdown of fees, and also review the signed agreement. If the seller specified something about splitting agent fees that might be included in the closing costs. There could be other specifics that the seller is requiring pmt for (in the north paying PV of oil for heating is a big one). to me $4k seems absurdly low and $13k is more realistic at roughly 5% of closing, but again FL market is very different.
Spot on. A buyer closing fees on FHA at 1.5% of sales price is ridiculously low. 5% seems much more realistic, especially if escrowing taxes/HOA startup fund, etc...
Posted on 8/25/13 at 8:59 am to novabill
quote:
Look at the Good Faith Estimate.
They HAVE to honor that, they cannot increase their fees at all, for service providers she chose, maybe title company, they can increase.
Ask to see a copy of the original Good Faith Estimate.
THIS.
And the "fawk them" comment too.
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