Junk fees at closing
- Thread starter jyeh74
- Start date
NEW -> Contingent Buyer Assistance Program
Home inspectors are always selected (and should be) by the buyer. Typically the seller will select the termite company for the pest inspection (again, you can request/negotiate to select your own).
You should ask the realtor members here, I'm sure they have more experience with inspectors than a single homeowner.
usctrojancpa
Well-known member
You can always ask the escrow officer if you can get a discount on the escrow. They may or may not give it to you. Usually the escrow fee is within a small range from one escrow company to another. The other fees are a bit more fluff but standard fees that escrow companies will charge. Again, you can ask the escrow officer to waive or reduce those fees too but they may not do so.irvineboy said:
sgip
Well-known member
The escrow/title/ and lender all have a pretty firm grasp on your naughty bits when you're sitting at the closing table asking for a discount on fees. You'll often hear "no", then experience a sharp squeeze just to let you know who's in control. Others will relent a bit - $50 here, $25 there, but nothing spectacular will come of it.
The lender has to get an Estimated HUD-1 two to three days into the escrow in order to push out their Good Faith Estimate. That's the time to begin asking about fees. Escrow, or the lender, can send over a copy of that HUD-1 anytime. Best to scan the fees then and ask for a measured discount well before you're scrunched over the closing table in that most vulnerable position of weakness.
Many of the strange fees on the HUD are in fact real costs - "Sub-Escrow" and "Endorsements" often are the biggest puzzles to buyers. By getting the HUD early, you can ask about what these costs represent. The impression of high fees can be one of real charges poorly explained, or there can be actual over charging.
Professional Realtor's pick closing and title services that are great at what they do, while having reasonable and fair prices. It's somewhat rare today to run into a shop that gouges like we saw in the mid 2000's.
My .02c
The lender has to get an Estimated HUD-1 two to three days into the escrow in order to push out their Good Faith Estimate. That's the time to begin asking about fees. Escrow, or the lender, can send over a copy of that HUD-1 anytime. Best to scan the fees then and ask for a measured discount well before you're scrunched over the closing table in that most vulnerable position of weakness.
Many of the strange fees on the HUD are in fact real costs - "Sub-Escrow" and "Endorsements" often are the biggest puzzles to buyers. By getting the HUD early, you can ask about what these costs represent. The impression of high fees can be one of real charges poorly explained, or there can be actual over charging.
Professional Realtor's pick closing and title services that are great at what they do, while having reasonable and fair prices. It's somewhat rare today to run into a shop that gouges like we saw in the mid 2000's.
My .02c
usctrojancpa
Well-known member
For a resale home, the average escrow fee will be about .25% +/- of the purchase price for each party. Again, the range for the escrow fees has been pretty tight from my experience looking over GFEs/HUDs. The majority of time the seller/listing agent will pick the escrow company and/or the title company.irvineboy said:
usctrojancpa
Well-known member
Typically the seller selects the escrow company and title company but you can make the request/negotiate to use one that you want.irvineboy said:
Home inspectors are always selected (and should be) by the buyer. Typically the seller will select the termite company for the pest inspection (again, you can request/negotiate to select your own).
irvinehomeowner
Well-known member
The price differs as much as the service differs.irvineboy said:
You should ask the realtor members here, I'm sure they have more experience with inspectors than a single homeowner.
qwerty
Well-known member
steve from here is great.
http://www.biltriteinspect.com/
http://www.biltriteinspect.com/
usctrojancpa
Well-known member
Yup, several of my buyers have used him and were happy campers (including Qwerty).qwerty said: