Justin D. Vrobel
Associate | License# #01775896
140 Stony Point Rd Ste J
Santa Rosa, CA 95401-4188
INV, RELO, FP, RA, SS
About MeWhen assisting you in buying or selling a home I strive to be your best advocate, sounding board and real estate advisor. The top 3 things that I have found serve you best are: 1. Be available. I respond to phone calls, texts, email, Whatsapp or whatever communication works for you. I’m available when you need me to be. That includes weekends and evenings. 2. Answer all your questions. You will have many questions. I’ll answer them to the best of my professional ability. If I don’t know the answer, then I’ll connect you with the expert who does. 3. Tell it like it is. There is no reason to sugar coat things. If a house has a defect then I’ll tell you what it is, give you an estimated cost to fix it and tell you my opinion of how it could affect you. I excel at digesting reports and disclosures and reading between the lines to find what is actually being said.
What are Closing Costs?
When someone is planning on buying a home, one of the first questions asked is, how much do I have to put down? This is a great question to ask because you need to prepare but there are also additional costs to purchasing a home besides just the minimum down payment. (There are strategies for reducing or eliminating the closing costs that we will discuss in other posts).
Who pays for which closing costs is different depending on where you live but, in this section, we will be discussing the closing costs normally paid by the buyer in this area. The amount of closing costs is also dependent the price of the home and loan type. Closing costs are broken down into 2 types of closing costs, non-Recurring closing costs and Recurring closing costs.
Non-Recurring costs are considered the “cost” of completing the transaction. These are one-time fees made up of loan processing/admin fees and all of the costs associated with Escrow/title. Some examples of these would include:
Credit Report fee
Loan Processing fee
The one-time nature of these costs are why they are called non-recurring because they only occur one time.
Recurring closing costs are the costs you have to pay for during the ownership of the property, and at time of closing you are required to pay a portion of these costs. These would include:
Property Taxes (up to 9 months if you have an impound account)
Hazard/Flood Insurance premium