Interesting Closing Cost Trivia

While closing cost vary from state, they are also very local to your county, city and sometimes neighborhood. I still find this little bit of trivia from BankRate quite interesting.

http://www.bankrate.com/finance/mortgages/2010-closing-costs/state-ranking-chart.aspx

Daily Herald reports imposing a new stamp on homesellers

Read the full story here http://www.dailyherald.com/story/?id=394690&#storycomments and take note of the case of foreclosures.... with 1,000's of foreclosures in Kane County, that's a lot of homes!

My response is NOT to introduce this new stamp on foreclosures. The buyers ultimately will have to pay these unpaid bills prior to closing on that property, especially when the stamp can be refused for unpaid ambulance bills or parking tickets!

Now Cook County is looking to follow a similiar path. See the article here: http://www.chicityclerk.com/legislation/sublegmatters/2010/june9/Aldermanic/26MALDO%20PR2010-46.pdf and contact your local officials to help the real estate market recover, not hurt it more.

An increase in the transfer tax on foreclosure or in lue of foreclosure properties imposed on the banks will ultimately fall on the buyer of foreclosure properties. Most area's in Chicago will not benefit from this additional tax, especially today when we have half number of qualified buyers!