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F.T.H.B. - Need help understanding closing cost situation

Home details:

$410k in California

FHA loan with 3.5% down

Higher end neighborhood but the home has never been fixed up or maintained well since built in the 1990s. Similar homes in the area are going for $450k - $600k, so it's definitely a fixer upper.

I asked my agent to put in an offer for full asking price & asking the seller to cover closing costs. Agent tells me they accepted. Signed the offer contract, but noticed the seller credit is at $10k. Asked about it, told not to worry, closing won't be more than that.

But, so far I have paid for general inspection, rodent inspection, and appraisal. After doing research, I found out at least the appraisal could have been paid by the seller due to it being part of the closing costs. So now I am wondering what else I'm going to have to pay.

I checked the purchase agreement again and a few boxes are blank, but seller is checked for most, except for escrow fees where it says buyer and seller will pay their own. Is this not a fee that the seller could pay?

I asked the mortgage broker to tell me if there will be anything I have to pay outside of what the seller credit won't cover, and he gave me the same line as the agent which was to not worry, it shouldn't be more than $10k for everything.

So, what can I expect? Any sudden fees to look out for? Anything the seller cannot cover in what's needed to close? Anything I have to cover as part of FHA requirements (not down-payment related)? Should I try to get a refund on the appraisal fee? Also, should the upfront home insurance and mortgage insurance be part of the closing costs?

I really love the house and am dreaming about the potential of it after fixing it up, but I do not want to be put in a situation where I'm paying more than I had to all because my realtor did not negotiate properly on my behalf.

​

TL;DR - Asked agent to put offer on house for full asking price and seller pay all closing costs. Agent said they accepted, but only $10k was on purchase agreement. Agent & mortgage broker said don't worry, won't be more than that. Escrow fee not set to seller paid in agreement. Already had to pay for inspections and appraisal. Wondering what else I am going to have to pay for and what to look out for.

submitted by /u/Zithroid
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1b2v86u/fthb_need_help_understanding_closing_cost/
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