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"Closing costs" is a confusing term. Depending upon who you're talking to, it can encompass various monies which will be required of a buyer in order to get up from a closing table with a new set of keys (hopefully with a
Heritage Real Estate keyring attached). There are numerous charges and fees involved and buyers frequently get the terms mixed up. More often than not, neither lenders nor Realtors thoroughly and clearly explain things to the buyer.
Firstly, there is a difference between "closing costs" and "down payment," something first-time buyers frequently misunderstand. I recently had a deal go south because the buyer's agent didn't bother to explain to him that "zero down" didn't mean there were no costs involved. Imagine his surprise when, two weeks into our contract, he learned he had to come up with $4,000 in closing costs.
Your "down paymen...
Bill Porter, Broker
(304) 612-3746
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