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So we have an offer on our house. It is $15,000 less than the asking price, but I think we'll counter and ask them to split the difference with us and see what they say.

BUT, my DH is convinced that we'll have $8000 in closing costs to pay and that we won't be able to move (to a cheaper house for lower mortgage payments) because our closing costs will eat up the difference in the mortgage.

I just can't believe that they would be so much! We don't have a realtor to pay (the buyer doesn't, either). ..what is all this money going for? Do we really need to pay THIS MUCH?

We're in MI, btw.
 

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My county has a 1% selling fee and a 1% buying fee. The seller should be back-paying you some of the real estate taxes that you've already paid for the year, plus you should get your escrow account from your mortgage company.

What's the difference between the asking/selling price and what you owe on the house?

It's common now for the buyers to ask the sellers to pay all their closing costs, though.

I would recommend having a lawyer look through your agreement of sale, etc. That would be part of your closing costs.

Aven
 

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I'm not sure what state you're in, each state has different laws. In mine, we pay taxes a year in arears, so our closing costs include a year's worth of taxes, (about $4,000). Then, add title and inspection costs, that's usually about $2,000+ more. So, those should be the main closing costs, (if the taxes apply), besides realtor fees.
 

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It really depends. Around here, the seller pays commissions, and maybe $100 or so in closing costs, that's it. But that is really dependent upon location. I would be surprised though if a seller is paying for title insurance, since the lender and the buyer are the ones being insured.

Property taxes are not closing costs. Interest is not a closing cost. Those are amounts you already owe, and fall under paying a debt. I would call the title company/attorney who would be handling the escrow and ask them what closing costs you can expect as a FSBO.
 
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