It is paid on closing, when you sign documents with the lawyers office. Pay all closing fees before the lawyer hands you the keys.

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I am looking at a brand new house, house has been sitting for a few months. i'm just wondering if the builder would pay the closing costs or if i would have to pay and what it would cost on a 130k house.

It depends on the entire offer. If you want to low ball on the price, then ask for closing costs, no, the builder is not going to pay closing costs. Closing costs are on average about 3% of the sales price.

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I know you can buy land and then later you can build a house on it and roll the payments in together into one loan payment. my question is, do you have to pay closing costs on the land when you buy it and again when you build your house?

You will pay closing costs every time you get a new loan. Doesn't matter if it's a purchase, refinance, land loan or the construction loan. The loans that say the have no closing costs, are charging a higher interest rate.

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I am gonna buy a house that is listed as foreclosure. originally the house was advertised at 69k and we submitted an offer for 65k (i am paying cash). the owner (real state) took the offer but now they say that we should pay the closing costs... who actually pays the closing costs when the house is listed as foreclosure?

It can be negotiated. Do you have a realtor representing you? If not get one, if you just saw the home and called the number the realtor you are dealing with is being employed by the bank and therefore depending on the agreement they have in place with that bank and the laws in your state they will make 6% of the purchase price. They will tell you to pay closing costs because they do not want their client to pay anything. If you get your own realtor you will not have to pay a penny that 6% percent will be split between the 2 realtors....be careful the banks realtor will probably try to talk you out of it because it will affect their pay... It is just like any home purchase, the seller can choose to pay all or a portion of the closing costs depending on the equity they have in the home.

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I have found my dream house but the seller is wanting us to pay the closing costs. when he countered our offer my realtor said we could get a bond to cover them since we could not get approved for any more in our loan. i met with the lender yesterday and brought the paperwork home to go over it, it says the bond is a second mortgage, is there someway to get the bond or a loan maybe without it being a second mortgage?

NO, it's a second, and you may be over-extending yourselves That's the most common problem of first time buyers--overextending themselves The realtors get paid ONLY if and when the sale closes, so of course they want you to do this It is a cost of you obtaining a mortgage and buying a home, the closing costs, and they are your costs, not the sellers. The sellers have their own closing costs to pay. Consider your family, will some one loan you money for closing costs. Consider whether you are rushing to do something that will create longterm problems for yourself. The less money you put as down payment, the MORE you pay over the life of the loan. If you aren't paying down 20%, you have extra costs of PMI and can end up paying the cost of your home ten times over--ALL interest upon interest.

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I am trying to sell my house and i currently have an offer pending from a buyer but they want me to pay all of the closing costs. i know in the past that people payed half but the way the housing industry is currently, people have told me differently. i have been told that the buyer should pay them all in order to get the sale. any advice?

This is just like any other decision in selling your house just like the price. You could accept any offer they give you from a dollar up but you choose where you draw the line. It's dependant on how quick you need the sale to be. Half is fair, a seller covering all cost well unless your making a huge profit i wouldnt do it

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We are putting in an offer on a house and have been approved for a rural development loan, we are asking that the seller which is the bank pay closing costs? if they accept our offer, if they pay the closing costs, do we have anything else to pay at closing?

It would depend on what the sellers are paying for in closing. Normally you would be required to pay the non-recurring cost of the transaction. These are your county property taxes, property insurance, title work performed by the title company, escrow fees. points for your mortgage loan, appraisal report, and credit report. Some of these cost maybe borne by the seller. You should contact your escrow closing agent to obtain your estimate closing cost. The closing agent would issue you a HUD-1 indicating what your closing cost would be. Also you would need to find out the method in which you might pay for these closing cost as each closing agent might require a different method. Not all accept personal checks. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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I currently have a bid in on a short sale for 150,000 with the seller to pay 5,000 to closing costs. it has been a few weeks now and still no answer. i was thinking of raising my offer to 158,000 with the seller paying 2,000 to closing costs. the house is listed at 174,000. the realtor says i should try going up by 5,000 but i really like the house. do you think they take this offer?

Most people think they're getting a "deal" when purchasing a short sale. That's not necessarily the case. See, the price offered is not necessarily the price the bank will take. The listed price is just some number that the Seller and Realtor came up with to get the offers coming in. So when you submit an offer, the bank starts to crunch their numbers to see what their bottom line is. They're going to go with the highest and best offer. The reason the bank takes so long to get back in touch is because they're taking in as many offers as possible. They'll probably come back and ask all Buyers for their highest/best offer before they make their final decision. Most of the time they will not pay closing costs, so you may already be at a disadvantage compared to the other offers. I would ask the Realtor if he/she has an idea of where the numbers need to be for the bank to consider the offer. Good luck!

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We had to pay money at closing when selling my house and i'm not sure if any of it can be written off on my taxes.

You can deduct the points paid to get a lower mortgage rate. In MN that is all you can deduct in the way of fees for a mortgage other than the interest paid.

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This is a bank-owned property and they want me to pay all closing costs, plus a per diem of $100 a day if the transaction isn't completed by the closing date? is this common? another fly in the ointment is the fact that this house is in a community where you have to get the board of directors approval (which is no big deal), but was told it could take up to 30 days for that. that is why i am not too keen on the per diem.

Generally the buyer pays all their own closing costs, unless the seller agrees to in the sales contract. More troubling would be the per diem charge - it is very unusual. Since most closing hold-ups are on the part of the buyer or the buyer's lender, I can see their point; but I still would not agree to do it unless they were giving me a smokin' deal on the house and I had no concerns about getting the loan. Since the first-time buyer tax credit, however, lenders and title companies are seriously stretched for time, and some deals are not going to close in a timely manner. How badly do you want the house?