The Mavroules Team - Atlantic Coast Homes



Posted by The Mavroules Team on 10/11/2019

The process of closing on a home can seem lengthy and complex if it’s your first time buying or selling a house. There are several costs and fees required to close on a home, and while it’s up to the individuals to decide who covers what costs, there are some conventions to follow.

In this article, we’re going to talk about closing costs for selling a house and signing on a mortgage. We’ll discuss who pays what, and whether there is room for negotiation within the various fees and expenses.

But first, let’s talk a little bit about what closing costs are and what to expect when you start the process of buying or selling a home.

Closing costs, simplified

If you’re just now entering the real estate market, the good news is you can often estimate your closing costs based on the value of the property in question. You can ask your real estate agent relatively early on in the process for a ballpark figure of your costs.

Closing costs will vary depending on the circumstances of your sale and the area you live in. In some cases, closing costs can be bundled into your mortgage, such as in “No Closing Cost Mortgages.” However, avoiding having to deal with closing costs often comes at the expense of a slightly higher interest rate.

If you are planning to buy a house and have recently applied for a mortgage, laws require that your lender sends you an estimate of your closing costs within a few days of your application.

Now that we know how closing costs work, let’s take a look at who plays what.

Buyer closing costs

In terms of the sheer number of closing costs, buyers tend to have the most to deal with. Fortunately, your real estate agent will help you navigate these costs and simplify the process.

They can range from two to five percent of the cost of the sale price of the home. However, be sure to check with your lender for the closest estimate of your closing costs. It’s a good idea to shop around for mortgage lenders based on interest rates as well as closing costs charged by the lender.

Here are some of the costs you might be asked to pay as a home buyer:

  • Appraisal fees

  • Attorney fees

  • Origination fees

  • Prepaid interest or discount points

  • Home inspection fee

  • Insurance and Escrow deposits

  • Recording fees

  • Underwriting fees

Seller Closing Costs

While the seller pays a larger amount of closing costs, sellers still have obligations at closing that can be just as expensive. The biggest expense for sellers is to pay the real estate commission. Commission usually falls in the vicinity of 6% of the sale price of the home. This covers the commission of both the seller’s and the buyer’s real estate agents. 


The main takeaway? Buyers and sellers both share the burden of closing costs. While the buyer has more expenses to take care of, the seller pays for the largest costs.





Posted by The Mavroules Team on 10/10/2019

This Condo in Salem, MA recently sold for $355,000. This 2/3 Family style home was sold by The Mavroules Team - Atlantic Coast Homes.


159 Federal St, Salem, MA 01970

Condo

$369,900
Price
$355,000
Sale Price

5
Rooms
2
Beds
1
Baths
Come and step into your first floor Luxury Condo. Located in the heart of the Historic McIntire District, this condo has everything you are looking for. With hardwood floors throughout, this unit features two bedrooms with a den and one full bath. An incredibly designed kitchen, boasting stunning granite counter tops, stainless steel appliances with gas range. If these interior features are not enough, enjoy your off street parking and deeded garage spot. Find yourself just minutes to the train, shops, and all that downtown Salem has to offer.

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Tags: Salem   Real Estate   Condo   01970  
Categories: Sold Homes  


Posted by The Mavroules Team on 10/9/2019

WOW - this home has it all!!! Completely renovated 2 bed with gleaming hardwood flooring, 1 bathroom South Salem home located mins from Salem State University and Forest River Park. This OPEN CONCEPT sun splashed third floor apartment is highlighted by a brand new kitchen w granite counter tops & stainless steel appliances, new bathroom and New Waterproof Vinyl flooring throughout Kitchen, Bathroom, Dining & Living room area ( Grey Hard Wood Look) Laundry hookups in basement, plus 1 car parking. Available immediately.

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Posted by The Mavroules Team on 10/8/2019


105 Loring, Salem, MA 01970

Rental

$1,995
Price

4
Rooms
2
Beds
1
Baths
WOW - this home has it all!!! Completely renovated 2 bed with gleaming hardwood flooring, 1 bathroom South Salem home located mins from Salem State University and Forest River Park. This OPEN CONCEPT sun splashed third floor apartment is highlighted by a brand new kitchen w granite counter tops & stainless steel appliances, new bathroom and New Waterproof Vinyl flooring throughout Kitchen, Bathroom, Dining & Living room area ( Grey Hard Wood Look) Laundry hookups in basement, plus 1 car parking. Available immediately.
Open House
No scheduled Open Houses

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Tags: Salem   Real Estate   01970   Rental  
Categories: New Homes  


Posted by The Mavroules Team on 10/6/2019

Look no further, your dream home is here! Perfectly nestled away on a quiet side street and steps to downtown Danvers, this home is a COMMUTERS DREAM, only minutes from Rte 1/95/128. Extensively remodeled in 2017, this absolutely move-in-ready, sun-splashed 2 bedroom, 1.5 bathroom condo has it all including exclusive outdoor space, garage parking, gas heating/cooking and central A/C. Highlights include a high-end kitchen with GRANITE COUNTER TOPS, stainless steel appliances and custom pantry; an OPEN CONCEPT living/dining room complete with gas fireplace; GLEAMING HARDWOOD FLOORS and more. All of this plus an indoor swimming pool! Come experience the best unit in a great complex.

More Info on this Property | New Listing Alerts




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