Monday, 20 November 2017

What Are the Closing Costs of Buying a Golf Course Home in Charlottesville VA

Written by Posted On Wednesday, 15 November 2017 02:06

Are you ready to close the deal?

 

You’ve been looking for a new home for a while, had a pros and cons list  for each of your top choices, and you’ve finally picked your Charlottesville golf course home. Before giving your offer, it might be a good idea to ask the seller to help you shoulder all or some closing costs instead of asking for a discount rate. Let me help you understand what these possible closing costs are.

 

What are the closing costs you should be aware of?

 

Here is a list of fees you should be aware of. Please bear in mind that not all these costs may apply to your situation.

 

Lender Fees

 

These are fees that banks and other financial institutions charge for processing and funding a loan.

Origination Fee: 0-1% of the loan amount.

 

Mortgage Broker Fee: 0-1% of the loan amount.

 

Discount Fee: 0-2%+ of the loan amount.

 

Processing Fee: $300-$900

 

Underwriting Fee: $300-$900

 

Application Fee/Commitment Fee: $100-$350

 

Lock-in Fee: $100-$300

 

Services ordered by the Lender

 

These are what the lender charges for the different individual services that accompany your loan.

 

Credit Report Fee: $20-$40

 

Flood Certification: $20

 

Tax Service Fee: $50

 

Wire Transfer Fee: $25

 

Courier Fee/Postage Fee: $20-$30

 

Third Party Fees

 

These are the costs of services completed by other entities apart from yourself and the lender. An example is the company that does pest inspection or the attorney involved in assisting with sales negotiations.

 

Appraisal: $350-$500+

 

Pest Inspection: $100-$500.

 

Title Report/Title Insurance: $300-$1,500+

 

Escrow Fee/Settlement Fee/Closing Fee: $300-$700+

 

Notary Fee: $100-$150

 

Closing Protection Letter (CPL): $50

 

Survey Fee: $400+

 

Attorney fees: $400+

 

Government Processing Charges

 

A home’s transfer of ownership must be recorded by the county government. After applicable taxes, this also incurs a fee.

 

Recording Fee: $20-$250

 

Transfer Taxes: Amount varies

 

Prepaid Items

 

These are the costs that come with being a homeowner. Technically, the list below is not closing costs but they do contribute to the overall total of how much you need to close a loan. It’s good to have all the bases covered.

 

Homeowners Insurance: $400-$1,000+

 

Flood Insurance: $300-$1,000+

 

Tax Reserves: $500-$5,000+

 

Mortgage Insurance: $100-$700+

 

Prepaid Daily Interest Charges: $100-$2000+

 

Ready to buy your new home?

 

Once all the closing costs have been sorted, you can present your purchase offer. There may be some replying back and forth with negotiations, before you and seller agree on a price. Ultimately, the day to sign the papers to complete the purchase will arrive.  

 

If you need further assistance, I can help you with any additional questions you might have. For more information about me, my years of experience and my work, you can visit https://www.JumpIntoGreenerPastures.com/About-Us-Central-Virginia-Real-Estate.


Know someone who’s looking for a beautiful golf course home? Call me, Pam Dent, at (434)960-0161.

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Pam Dent - REALTOR®

Pam Dent is passionate about preserving the Central Virginia countryside. The rolling hills, pastoral setting and Blue Ridge views combine to make one of the prettiest spots on the east coast... or anywhere else.

Hobbies: riding and training horses, showing dogs, photography, ACC basketball, reading and last but not least, trying to learn the fascinating and frustrating game of golf.

Licensed to sell real estate in the state of Virginia

www.jumpintogreenerpastures.com/

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