How are the closing costs itemized?

If your selling, closing costs can run 6-8% of the purchase price (more if you're assisting the buyer's with their closing costs and less if you aren't using a realtor). If your buying, closing costs should be 3-4% of the purchase price. If you're using a realtor, he/she should be able to give you an itemized list that is closely estimated to actual costs.

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RE:

How are the closing costs itemized?

I have a few offers out there, and I don't want to make a mistake and not calculate enough for the closing costs. How are they calculated, and what would be the going rate on a property sold for $125K? I know there are other variables, but can someone point me to a reference, or industry...

Closing costs can be as much as 6% of the mortgage loan amount.

Google "closing costs" and get examples.

Don't do points.

Any by all means stay away from adjustable rates such as 5/1's, and 5/5's...

Mark Clarify this: By "with a lender"do you mean that you are an employee? By "incentive money" do you mean some portion of your compensation? And are you talking about the closing costs of a borrower or of your own? Generally employee business expenses can be deducted if they are an "ordinary and necessary" cost of doing business. So if this is a common ppractice in your area and it is not illegal, it might be deductible based on whether it is sufficnet to overcome the 2% of AGI threshhold and you itmeize deductions.

Depends on your lenders

You should NOT have MORE than one offer out there at a time

Offers are legally binding upon you if accepted by seller

Get legal advice, inform yourself

Go to lender and get pre-approved, they give estimates of costs

your realtor can work with your loan officer to estimate these for you. I think $2000-3000 is a good expectation. the bank should be able to give you a written estimate of all that for you prior to closing.