Homes Near Lackland AFB, Randolph, & Fort Sam: Negotiating Closing Costs
posted Nov 21, 2013
If you are currently looking at homes near Lackland AFB or another JBSA base like Randolph or Fort Sam, it’s time to get some help with negotiating your closing costs. Closing costs can add thousands of dollars to your final purchase, taking your home transaction from within your budget to completely unaffordable.
To ensure that your closing costs don’t get out of hand, follow these tips:
- Get an itemized Good Faith Estimate (GFE) of all your closing costs and fees so you know what each one is and where it’s coming from.
- Note which ones are categorized with a code in the 800s. These are lender-charged fees and are typically negotiable. Some of these include loan origination fees, appraisal fees, and attorney fees.
- Ask for a justification and breakdown for each lender-charged fee on your GFE. If they can’t justify or back up a charge, ask for it to be waived or reduced.
- If there is an underwriting fee as well as a processing fee, see if one can be waived. Ask about the different services involved in “underwriting” and “processing.” Since these are typically the same things, you shouldn’t have to pay for them twice.
- Check to see if you were charged an application fee earlier in the closing process. If you were, see if that fee can be credited toward the closing costs.
- Ask if your seller will agree to pay a portion of your closing costs. If the house has been on the market for a while, or if the seller wants to move quickly, they may be apt to do this to get the sale processed faster.
If you’re looking at homes near Lackland AFB, Randolph, or Fort Sam and want a good deal, Housing 1 Source can help. Our personal Relocation Specialists are licensed realtors, and can assist you in your home search, help you through the closing process, and even lend a hand with utility set-up, furniture purchases, and more. Contact one of our Relocation Specialists today to get started.