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Real estate fees: costs that you can challenge

Real Estate Fees: Costs That You Can Challenge

One of the important document you will be presented is the Good Faith Estimate when you purchase a property. Within a short of period of three days after applying the home loan, you will get this Good Faith Estimate. You will be provided with another document known as HUD-1. Both of these give you all details of the real estate fees of involved in the real estate selling process.

But there will be some hidden real estate fees listed, which you can challenge.

Two kinds of real estate fees involved are appraisal fee and credit check fees. Every lender charges you these two real estate fees. You can pay the credit check fees and simultaneously you can challenge appraisal fee. In fact if you can use an appraiser of your choice, you can save much amount. Usually an appraiser appointed by the bank charge you high rates such as $350 or more, but you can do it with $100.

You can check with the bank’s list of appraisers. If your appraiser is not figured in the list, you can show them the appraiser certification and include him in the list.

Mostly you will be asked to pay points so that you can bring down your mortgage interest rate. Loan origination fee is one another fee, usually lender charges. This you can challenge with the lender. You can discuss with the lender for reducing the fees. Some genuine lenders waive this fee.

Other kinds of real estate fees the lender charges are wire transfer fees and courier fees. These are the fees involved in getting the required documents to the title office. You can check with the lender whether he can avoid courier fees by doing electronic mailing.

They may charge you underwriting fee and a processing fee. Both of these can be discussed with the lender. If you do proper negotiation he may reduce the real estate fees. Broker’s fee and Inspection fee are two other types of inevitable real estate fees you have to pay. You can negotiate for lower rates for these two fees as well.

As all of us know, some real estate fees cannot be challenged. They include the government fees, which are non-negotiable.

One thing what you have to make sure is that the real estate fees what you are asked to pay are not figured in the list of fees the seller has agreed to pay. Also do a double checking of the figures of the real estate fees. If you feel that some fees are put at a higher level, you can check up with the lender the reason for it.

It is always better to check each and every item and try to negotiate. Some benefits you will gain. Also you should not sign any document if you are not clear about the charges involved. You can keep your wallet thick, if you do proper homework.

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