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Forum
-> Inquiries & Offers
-> Lakewood, Toms River & Jackson related Inquiries
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amother
Poppy
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 Wed, Jul 21 2021, 2:38 pm
| amother [ Daisy ] wrote: | | Are these NY estimates? Closing costs in NJ are a lot cheaper. We bought both in NY and NJ and the closing costs in NJ were a joke. I can't remember numbers. |
It depends on cost of home.
A 500k home with 20 down is typically around 15k in nj. It will go up based on price of home and amount put down.
Like 700k home with 10% down will be closer to 20k
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amother
Begonia
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Wed, Jul 21 2021, 3:35 pm
| amother [ Daisy ] wrote: | | Are these NY estimates? Closing costs in NJ are a lot cheaper. We bought both in NY and NJ and the closing costs in NJ were a joke. I can't remember numbers. |
Our 400k house in NJ (different area) we put 20k down (5%) and closing costs were another 15k I think.
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small bean
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Wed, Jul 21 2021, 3:59 pm
| amother [ OP ] wrote: | | It seems like everyone around me is on a buying frenzy, convinced that prices are only going up. I’m not sure if this is a Covid inflation or if this is just one of the living expenses that just rise with time. |
Prices have jumped as there is not a lot on the market. This will be changing based on all indications. The market always goes in waves.
The only reason to jump and buy is if you find exactly what you want at the right price. If you're flexible better to wait.
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Cmon be nice
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Wed, Jul 21 2021, 4:13 pm
| amother [ Poppy ] wrote: | It depends on cost of home.
A 500k home with 20 down is typically around 15k in nj. It will go up based on price of home and amount put down.
Like 700k home with 10% down will be closer to 20k |
Why should closing costs vary so much depending on price as theyre mainly taxes and fees? Unless u also mean down payments? We put down 5% last year on a 379k townhouse in Lakewood and closing costs were 12k
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Amarante
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Wed, Jul 21 2021, 4:42 pm
| Cmon be nice wrote: | | Why should closing costs vary so much depending on price as theyre mainly taxes and fees? Unless u also mean down payments? We put down 5% last year on a 379k townhouse in Lakewood and closing costs were 12k |
One variable is that you are required to use a lawyer in New York. In California there is no lawyer necessary as the agents handle all the paperwork in conjunction with the escrow company and the title insurance company.
As far as I now New York is unique in requiring lawyers to handle all real estate. Based on my experience it's unnecessary and just an easy source of income for lawyers. When my parents sold they just did their nephew a favor and he handled it because they figured he couldn't mess it up. 
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