Closing costs are often a major concern for people buying new mobile homes in Florida. These fees can be costly and the upfront payment can be overwhelming. You may think that you have saved enough from your previous real estate purchase to pay these fees, but it is more common than you might think that this is not true. If you buy a mobile home, especially in Florida, closing costs can eat into your monthly budget before you even have a chance to use the house. In addition, many people who buy a mobile home in Florida to pay excess fees on top of the closing costs that they incur. What should you do if you discover that you will have to pay excess fees? Click here for more information on buying mobile homes.
Florida law restricts that there can be no fee charged to the buyer of a mobile home in or out of state. If there are any fees, they must be reasonable and “justifiable.” Some fees that you may be required to pay are: property assessment fee, an appraisal fee, property record fee, title and insurance premium, and down payment. These fees vary by each mobile home seller.
If you are still unsure about whether or not you will be required to pay any of these extra costs, ask the seller about them when you are looking at their mobile home. If they are unwilling to discuss it with you, move on to another seller. Do not feel pressured to agree to anything if you don’t want to. If the seller tells you that you will need to pay for some type of fee, don’t go with them. You will probably get better deals if you look around. You should also look online to find out about general closing costs for mobile homes in Florida.
There is a way that you can get around some of these fees, however. Buyers can usually add the fee themselves at closing or, in many cases, the buyer can pay for it themselves as well. This usually applies if you buy the mobile from a private party. If this is the case, you can still save money on the fee because you are buying the mobile from someone that is willing to waive it. In this case, you will not be charged for the appraisal or title search and will not be charged for the down payment or insurance.
If you are buying a mobile from a real estate agent or a bank, you should still ask about the fees. You might be surprised to learn that your bank will waive the fees or offer a reduced rate. If they do not, then you should ask what they will offer for the added costs. Banks will usually offer a loan for buyers that have good credit and a down payment of between $100 and thousand dollars. If they do waive all of the fees, you should still shop around to find the best rates.
The fact is that there really is no answer to the question “Do I pay for closing on my mobile home?” You will need to look at each option and decide on your own if it is in your best interest. In general, buyers will save money on these fees and the amount they will spend on their mobile home. While it may not seem like much, that savings can add up to thousands of dollars over the life of the loan. It will also help the bank or real estate agent out if you choose to buy a mobile home and they waive the fees, which they will also benefit from.