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

By
Real Estate Broker 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!

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Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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Topic:
Home Buying
Location:
Illinois Cook County Schaumburg
Groups:
Active Rain Newbies
Advice for Buyers
Realtors®
Tags:
closing costs
buyer agent
buyer advice

Comments 4 New Comment

Rainmaker
1,655,927
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.
WHISPERING PINES REALTY

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?

August 24, 2010 03:47 PM
Rainmaker
792,150
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

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

August 24, 2010 03:58 PM
Ambassador
2,267,572
Patricia Kennedy
For Your Home in the Capital
Evers & Company Real Estate, Inc.
Lyn, let's not forget the local governments who are tacking on higher transfer taxes. Yikes!
August 24, 2010 04:21 PM
Rainmaker
792,150
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

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'.

August 24, 2010 05:35 PM
Rainmaker
792,150

Lyn Sims

Schaumburg Homes
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Additional Information

Lyn's blog gives market comments, updates and real estate news about the surrounding communities in the Chicago Northwest Suburbs near Schaumburg IL.



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Illinois Housing Report for Year 2013