The Wall Street Journal has a great article talking about the unexpected costs that can creep up on you. Below is an except from the article, but make sure to read the whole article!
“Expect to pay for many of the expenses that a seller would normally pay in the transaction—because the lender, who is taking a loss, may refuse to approve the deal if you don’t.
Just what those costs will be varies. For instance, some lenders will agree to assist with a buyer’s closing costs; others won’t. Some will pay broker’s fees—others won’t. (If you agree to pay your buyer broker a certain fee for finding the house and handling the deal, and the lender doesn’t pay it, it will come out of your pocket.)
Among the other expenses you may have to shoulder: unpaid homeowners association dues, appraisals, inspections, mechanics and other liens, a second deed of trust, transfer and other fees and even the seller’s back taxes.”
Click the following link to read the full article: Wall Street Hidden Costs