Closing Costs up in Illinois - not what Buyers need right now!

By
Real Estate Agent with RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago
http://actvra.in/8J

Just went through my main website and updated the Closing Costs per State put out every year from Bankrate. What I saw wasclosing costs,buyer agent,buyer advice, shocking!  In the State of IL there was a 36% increase over 2009.

The average costs in 2010 are now $3505 which was an increase of a whopping $876 per buyer!  The super sleuth in me says 'where is that money going and to whom?'  Who's ripping off the consumer now?  Why the increase?  The entire industry was just overhauled to keep costs down and to protect the consumer.  More disclosure helps protect the consumer right?  Hmmm.

Well for those of you that say, it's those rich loan officers driving their Porsche's, let me clarify that the loan costs only went up a measly $140.  (Gas money maybe?)  So, nope, it's not the loan officers!

How about that we have duplicate costs from the new and improved Good Faith Estimate?  Every time something is changed - have to fill out another form - of course, for the protection of the consumer!

How about appraisal fees?  FHA appraisals went up $150 in my area and that doesn't include the wonderful and constant re-inspects they are always doing at another 'trip charge' of $100 to $150.  Cha-ching, let's protect the consumer all right.  Nonsense!

The last re-inspection I had from an appraiser was to be sure the water was turned on because he forgot to check when he appraised my foreclosure listing.  I bet no one mentioned to the buyer that there would be an additional charge right?

Just when buyers need a break with closing costs and having their hard saved down payment portion whittled away by nonsense fees. The economy could use all the home buyers we can get right now!

Stop trying to make it tougher to buy a home!

Posted by
Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
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Rainmaker
1,775,893
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Lyn,  I also noticed taht costs are up in my area.  It seams like everyone else is chargeing more and we are charging less.  WHAT GIVES?

Aug 24, 2010 03:47 PM #1
Rainmaker
818,185
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Bill:  I just think that type of increase is inexcusable & ridiculous.

Aug 24, 2010 03:58 PM #2
Ambassador
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Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital
Lyn, let's not forget the local governments who are tacking on higher transfer taxes. Yikes!
Aug 24, 2010 04:21 PM #3
Rainmaker
818,185
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Pat, those are already a normal part of doing business here. There are rarely communities that don't charge them now in my area.  Basically an 'exit tax'.

Aug 24, 2010 05:35 PM #4
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Rainmaker
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Lyn Sims

Schaumburg Homes
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