Closing Cost Surprises?

What, if any, costs did you have to pay at closing that either weren't on your GFE or that surprised you?

Was anything signifigantly lower or higher from what was listed on GFE?

Did you have to pay seller for oil in tank or anything else like pre-paid taxes or services?

We closed on Friday...

The majority of your closing costs will be listed in your GFE, but they are only estimates and depending on the time of year you close & the time of month, it will be higher or lower. There were a few title co. fees that were not listed in our GFE (which you should expect) that amounted to about $1.5k.

At closing you have to pay for the entire last oil delivery the seller's received...it's it not apportioned. They bring their last bill, and you have to pay it.

You will also have to reimburse the seller for pre-paid taxes. Usually taxes are paid twice a year, so depending on the time of year you close, that number will be higher or lower. If the seller did not sign the disclosure form (very unlikely that they did), the amount that you owe them will be reduced by $500.

You need to ask your bank if the bank attorney's fees are in the GFE- sometimes they are, sometimes they're not. If they are not, you will need to pay those at the closing also.

ETA: Most banks will also require you to prove that you will have an excess of 2 months mortgage payments after closing costs/ down payment. Most of this doesn't have to be liquid (b/c you're not actually paying it out), and we were told 70% of it can be in your retirement accounts.

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Posted by patti08

What, if any, costs did you have to pay at closing that either weren't on your GFE or that surprised you?

Was anything signifigantly lower or higher from what was listed on GFE?

Did you have to pay seller for oil in tank or anything else like pre-paid taxes or services?

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we have gas heating, so we did not have the oil in tank thing, but our broker had recommended to us for another house we almost went to closing on that we take a digital camera & take a picture of the oil tank gauge and then bring that to the closing for proof. Also know what the rates are and have a basic calculation.

There was nothing that *surprised* us, but the fee for the title abstract person was a bit higher than expected.

We closed yesterday and our closing costs were SIGNIFICANTLY LOWER than out GFE!

The title closer waived a fee for us, the bank absorbed a whole bunch of the fees, and even the bank attorney waived his fee at the last minute! Very cool!

Also, the amt of taxes we had to pay the seller back (they were pre paid for the year) was much less than expected b/c they had a veteran's discount.

oops double post