Comments on: How Much for Closing Costs? http://thephoenixagents.com/how-much-for-closing-costs/ Chris Butterworth - sharing thoughts on real estate (and everything else.) Sun, 13 May 2012 07:46:19 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Chris Butterworth http://thephoenixagents.com/how-much-for-closing-costs/comment-page-1/#comment-2243 Chris Butterworth Wed, 23 Sep 2009 18:39:45 +0000 http://thephoenixagents.com/?p=6049#comment-2243 @ Artur - that's traditional wisdom talking, and its truth and longevity are what make it wise. On the other hand, we're putting first-time buyers into a home which is twice the size of their apartment, and their all-in monthly housing expenses will be lower. Yes, a major catastrophe will cause them pain (and possibly even a foreclosure), but that same pain (and possible eviction) would be felt with or without the new house. And, even if prices were to never rise again, they're now on the path to having a home paid for, free & clear, before they reach retirement age. Bottom line is that sometimes it makes sense, and sometimes it doesn't. Each buyer/borrower/situation is unique.. @ Artur – that’s traditional wisdom talking, and its truth and longevity are what make it wise.

On the other hand, we’re putting first-time buyers into a home which is twice the size of their apartment, and their all-in monthly housing expenses will be lower. Yes, a major catastrophe will cause them pain (and possibly even a foreclosure), but that same pain (and possible eviction) would be felt with or without the new house.

And, even if prices were to never rise again, they’re now on the path to having a home paid for, free & clear, before they reach retirement age.

Bottom line is that sometimes it makes sense, and sometimes it doesn’t. Each buyer/borrower/situation is unique..

]]> By: Artur | Central Phoenix http://thephoenixagents.com/how-much-for-closing-costs/comment-page-1/#comment-2236 Artur | Central Phoenix Sat, 19 Sep 2009 22:47:46 +0000 http://thephoenixagents.com/?p=6049#comment-2236 "Which is a shame because a lot of cash-strapped first time homebuyers are shopping for homes in the under-$150,000 range." If a buyer is cash strapped for another 3% maybe they should not be buying a home until they have a secure reserve, because $3000-$5000 is nothing. If you don't have that what will happen when you lose a job or get a pay cut as many will for at least 1-2 more years. “Which is a shame because a lot of cash-strapped first time homebuyers are shopping for homes in the under-$150,000 range.”

If a buyer is cash strapped for another 3% maybe they should not be buying a home until they have a secure reserve, because $3000-$5000 is nothing. If you don’t have that what will happen when you lose a job or get a pay cut as many will for at least 1-2 more years.

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