Home Selling in Pleasanton>Question Details

Babuyer, Home Buyer in San Jose, CA

closing cost

Asked by Babuyer, San Jose, CA Fri Aug 5, 2011

The purchase price is $155k

how much for the escrow fee and owner's insurance?

We are the seller and need to pay half

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Q: how much for the escrow fee and owner's insurance?
A: Per the First American Comprehensive Calculator at http://facc.firstam.com/ it says you are probably looking at around a $740 fee for owner's insurance ($370 is 50%), and $800 for the escrow fee ($400 is 50%).

If the total escrow fee on your transaction is $580 (instead of the $800) then it appears yours is a better deal... but if you are saying that $580 is half of the full escrow fee, which means the full escrow fee is $1,160 - then that does appear to be pretty high.

I have found First American Title's fees to be very competitive on both refinances & purchases, I have received some amazing customer service from them on numerous occasions (eating certain fees to make a deal work, staying late, etc.), but the service certainly varies depending on the office you work with.
1 vote Thank Flag Link Tue Aug 9, 2011
Sounds like you're already in contract? If so, ask your agent, or contact the title/escrow company handling the escrow & title and ask them.

Typically, in Alameda county, the buyer pays for both title and escrow fee's (however, everything is subject to negotiation in a contract).
1 vote Thank Flag Link Fri Aug 5, 2011
Since it seems that you're in contract, you should call the title/escrow company that is processing your escrow and get specific fees from them. This way there's no guessing. Title reps are always ready to help.
Web Reference: http://www.realtorrose.net/
0 votes Thank Flag Link Sat Aug 13, 2011
Thank you all.

It's a regular sale. The contract stated the seller pays 50% of escrow fee and owner insurance.
The sale price is the same as the listing price
0 votes Thank Flag Link Mon Aug 8, 2011
IF … your sales price is $155,000 AND your title company is charging $580 for the escrow fee … then I’d say it’s a it high. As an example, Chicago Title’s stated fee would be $433.00.

To be honest, there are a lot of unanswered questions here:

1. Is this a short sale?
2. Is the price approved by the bank at $155,000 or is this just the beginning of the process?
3. Is this a pre-sale escrow and are the numbers based on a higher listing price?
4. Why are you, as the seller, paying 50% of the escrow fee?
5. If it’s a short sale (and I’m pretty sure it is) and the seller paying the fees is typically going to be the lender, why are you paying as the seller?
6. Are you in the approval process with the lender and are they requiring you to contribute to the short sale?

Without knowing all the details, it is really hard to provide an accurate number.
0 votes Thank Flag Link Mon Aug 8, 2011
Hello BaBuyer,

The purchase agreement stipulates the name of a title and escrow company. So you're locked in if you already signed the agreement.

For future reference, if you're buying, selling or refinancing real estate in California, the California Land Title Association can help you find and compare title insurance policies, services and rates - free.

Use their free wizard tool at http://www.clta.titlewizard.com/default.aspx

All the best!
0 votes Thank Flag Link Sat Aug 6, 2011
If you are the seller, your agent picked the provider. Maybe, you should discuss this with your agent.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Fri Aug 5, 2011
As the homebuyer you have the right to choose the Title Company that you work with. There are several to select from.

Fidelity National FInancial: http://www.fnf.com/fnf/
Old Republic http://www.oldrepublictitle.com/newnational/Index.asp
First American Title http://www.firstam.com/

I would definitely shop around and get the best rate! Good job on understanding that you don't just have to pay want they are requesting!
Web Reference: http://www.AnnasHouses.com
0 votes Thank Flag Link Fri Aug 5, 2011
I got the statement. The escrow fee is $580. It's too high.
0 votes Thank Flag Link Fri Aug 5, 2011
I would highly recommend following Michael Koenig's suggestion. Each transaction is unique and the best person to answer escrow fees and owner insurance fee amounts is your Escrow officer. Your agent should have their contact information and they will be able to provide you with a very detailed list of all expenses.

Congratulations on the sale of your property!
Web Reference: http://www.AnnasHouses.com
0 votes Thank Flag Link Fri Aug 5, 2011
I have used North American Title, Fidelity Title and Chicago Title:
I suggest you make friends and ask them to do a GFE for you.
You can try to employ them in your Sale.

Good luck and may God bless
0 votes Thank Flag Link Fri Aug 5, 2011
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