Are there customary closing costs in Albuquerque? All closing costs in any home purchase are negotiable. Customary seller closing costs change from state to state and market to market. In some state, sellers may be willing to pay for closing costs for the buyer in a down market just to get their home sold. In the past, Albuquerque sellers have paid for title insurance in appraisals on behalf of the buyer. Who pays from what may depend on who owns the property. Bank owned properties will rarely pay for inspections for closing costs for a buyer.
Properties that are owned or occupied and not in a distressed situation may ask the buyer to pay for inspections and their appraisals upfront. The seller will then reimburse the buyer for those costs of closing. This strategy equalizes the investment both parties have in the transaction.
We’re seeing all kinds of changes in the industry regarding closing costs from how they are negotiated to how they are disclosed by the mortgage entitled companies.