A Look at Phoenix Closing Costs
Last Updated: December 17, 2014
Phoenix closing costs cause a number of considerations must be taken into thought when you are buying or selling a home, including the closing costs of that sale or purchase. Luckily, individuals in the Phoenix, AZ real estate market will be glad to know that closing costs in the city are below average compared to other cities in the U.S. Let’s take a look.
What are Phoenix Arizona Closing Costs?
Closing costs is the total amount of money needed to buy a home. This includes the down payment of the home, escrow fee, preparation of documents, appraisal fee and credit report, notary and recording fees, transfer fees for homeowners, city and state fees, and loan charges such as interest. The seller of the home also incurs closing costs, which includes the commission for the real estate agent, the payoff for loans still in the name of the seller, accrued interest, tax liens or other judgments, documentation preparation fees and delinquent taxes or bonds. If you do a short sale you might have to pay these fees, but with us, you don’t pay any closing costs, at all.
Average Phoenix Closing Costs
In Phoenix, the average closing costs are about 3% of the total value of the home. Even still, this price is less than average around the U.S. For example, an appraisal fee in Phoenix averages $309 while other parts of the U.S. pay costs average to $330, and title insurance costing an average of $660 in Phoenix, and $766 in other parts of the U.S. Every penny counts, and they certainly add up quickly, so imagine how much money you will have left at the end of the deal! Why worry about the issue of seller closing costs, with Sell House Fast Phoenix, we don’t charge closing costs. We give you a fair price for you Phoenix property value, so don’t worry about buyer closing costs.
More Information About Closing Costs in Phoenix AZ
You are free to use any money that you can come across to put on your closing costs. Keep in mind, however, that there are several ways that your closing costs can be reduced. This includes:
- Put more money down than what is required. The more money that you have to put down on the purchase of the home, the better. It shows the seller that you are serious about the purchase while also helping you save some cold, hard cash towards closing costs in the process. People who have larger finance notes also have higher than average closing costs.
- Eliminate some of the fees associated with the closing costs. Many lenders will not mind eliminating some of the fees that can be eliminated, such as broker fees and administrative fees.
- Sometimes the seller is ready to get rid of the home –fast, and offer deals to help make the sale stand out from the rest. One way this is done is through covering the closing costs for the purchaser. Find a home with such a deal, or ask for the deal. This is a great way to reduce the total amount of money needed at the time of sealing the deal on your home purchase.
If you are buying or selling a home, closing costs are something that you will need to become familiar with. They are there to pay, and must be paid in order to close the deal, no matter how small or large of a home you intend to purchase. Phoenix Arizona real estate and Phoenix closing costs are something that you should talk about with one of our experts.