(11-11-2020, 09:31 AM)JPolen01 Wrote: YMMV on earnest money. We had to put a deposit of like $250 if I remember correctly. But yeah you'll need quite a bit of cash just to close on the house. Can't finance that cost.
Plus money for movers, new furniture, deposits for utilities, money for home inspection, chimey inspection. So much money spent while moving.
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Yeah $4,500 is pretty high for earnest. I had to move fast in a hot market and was putting next to nothing down and what really spooked the sellers was they needed to move fast as well and I was putting in an offer without actually seeing the house in person. The faster you need to move, the more you're going to get burned on either end of real estate. I didn't mind it as I was pretty set on the house so I knew I'd be getting the money back.
(11-11-2020, 09:42 AM)Senor_Taylor Wrote:(11-11-2020, 09:31 AM)JPolen01 Wrote: YMMV on earnest money. We had to put a deposit of like $250 if I remember correctly. But yeah you'll need quite a bit of cash just to close on the house. Can't finance that cost.
Plus money for movers, new furniture, deposits for utilities, money for home inspection, chimey inspection. So much money spent while moving.
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Yeah, no doubt. Just looking for some real numbers on what these end up being. Online searching is one thing, but hearing it from the people that spent the money will probably give me a better idea.
Just spitballing, but have people pulled out personal loans to cover closing costs?
You can roll some costs into the mortgage itself but you have to be invested personally to some degree especially with an FHA. You'll need 3.5% in cash you own minimium and that does NOT include the the other closing costs (non-recurring closing costs, pre-paid expenses, and discount points).