One of the things that often gets overlooked when first considering purchasing property are the closing costs associated with it.  You’d think it would be fairly simple; I give you the money, you give me the house.  End of transaction, right?

Well unfortunately, in the process of purchasing property in Whatcom County, there are a multitude of things that need to take place that require 3rd party assistance prior to ‘closing’ the deal.

The closing costs are defined as those charges paid to multiple entities during the transaction.

Keeping in mind, costs such as these can change and vary depending on a variety of circumstances, here’s the general breakdown of Closing Costs in Bellingham WA

Loan Fees

For the following examples, we’ll be using a property that is being sold for $100,000.00.

In this case, you’re looking at a Loan Origination fee of 1 point (aka 1% of the sale price).  The appraiser fee which will run you around $300-350.  A Credit Report coming to around $65.  A tax service fee around $75.00.  An underwriting fee of around $300.  And a flood certificate at $25.

There may be more or less fees depending on the lender.  You may obtain a good faith estimate from a lender to get an idea of all costs associated with obtaining a loan.

Title Fees

Title Insurance.  When you go to purchase a home, the seller purchases title insurance which covers you (the buyer) and you purchase title insurance which covers the bank (your lender).  If it’s a cash purchase, the buyer does not need to pay for Title Insurance.

Escrow Fee:  The escrow fee is split with the seller.  In the case of purchasing a property for $100,000.00, you’d pay around $420.  In sales tax, you’d pay around $35.  You’d pay real estate taxes which are pro rated and dependent on the property and time of year.  And finally you’re looking at a Recording fee of around $155.

As you can see, the costs can add up. However, if you’re considering purchasing property, I’m more than happy to assist you in calculating and planning for all Closing Costs.  Always feel free to call me @360-920-1218 or email me @ briddick.webb@exprealty.com

Original article at Bellingham wa Closing Costs

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Ballard is full of great places to eat, some upscale, some very plain.  Little tiny places with four tables like the amazing burger place, Lunchbox Labratory, are hard to skip, but there’s a chili joint down by the locks that will make it worth dropping by for lunch. 

Mike's Chili Parlor in Ballard

Now a word of caution, because technically it’s a bar so you can’t take your kids in there, but other than that once you go you’ll probably be back many times.  There is a great variety of food on the menu.  It has chili, chili dogs, also chili burgers and chili cheseburgers, and for a change try the chili fries.  There’s a great variety of beer too, on tap and in bottles, and then a full range of the hard stuff, but let’s face it, this is a sports bar and you are there either for the chili or the game (or the video games), or both.  If it’s both, you’ll be really really happy.  Look at my website for more Mike’s photos and chili commentary.

Down the block is a Trader Joe’s in Ballard Blocks, so you can roll that into your lunch hour and feel productive too, why not get some of that great eggplant spread or the Trader Joe’s famous tomato soup.  Well, you know what to get, after all none of us get in there enough before running out of some of the bargain gourmet essentials.

And a slight stroll down to the ship canal, or where it opens out before Ballard Bridge, and you can gaze at the beauty of Queen Anne Hill across the water, or check out the local ducks.

eat, drink, and eat and drink

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