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Sub Escrow Fee All Locations : Nationwide Real Estate Advice

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Showing results for Sub Escrow Fee [Clear search]
Wed May 14, 2014
Dallas Texas answered:
SURE, it is a GREAT idea agents dont get paid till you sell your current home, and purchase your next
0 votes 49 answers Share Flag
Thu May 12, 2016
Dale Archdekin answered:
Hi Carrie, let's put it this way...you wouldn't go to court and expect the opposing party to represent you as well would you?

Buyer agency grew out of the need for buyers to have equal representation in real estate transactions. Previously agents only worked in the best interest of the seller. A seller's agent negotiates for their client, holds their information in confidence, and so on. Buyers need the same professional services

Usually the commission paid to a buyers agent is paid for by the seller, but buyers can elect to pay their agent for their services as well.
-Dale Archdekin
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0 votes 41 answers Share Flag
Wed Jan 8, 2014
Joetta Fort answered:
Local tradition calls for the buyer and seller to split the cost of closing services, usually about $125.

You wouldn't have a fee for an appraisal unless you wanted it yourself. Same for survey. You also wouldn't be required to pay into an escrow fund for water or insurance, you'd take care of all that yourself. You should have done an inspection before getting to the closing table, so that's not really a closing cost. The seller pays for the title work.

If there's an HOA they may require some funds at closing. And some real estate companies have a transaction fee, generally ranging from $250 to $300.

I think that's it for a cash deal.
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0 votes 6 answers Share Flag
Sun Oct 18, 2015
David Chamberlain answered:
Redfin is a traditional agent, they don't seem to do anything new, Rebates: been done - online: done- discounts: done Blog: done as a matter of fact for people that are selling lower priced homes they could be expensive. I am in florida so redfin isn't here but if they were they would not be able to get the commision Example if you found my listing on the internet then contacted me and I showed it to you they would not be the procuring agent I would I worked for it so I would get both sides of the commision ... more
0 votes 114 answers Share Flag
Mon Nov 10, 2008
Krista Miller answered:
Risa,

Here is a list of expected closing costs:

Escrow Fee
Title Insurance
Appraisal (since there is no loan, this is optional- some people like to have one done)
County Transfer Tax
City Transfer Tax (not all cities have a transfer tax so this fee depends on the location of the condo)
Inspections (optional; generally paid at the time the inspection is performed)
Home Warranty (optional)
Recording Fees
HOA Transfer Fee
HOA Doc Prep Fee

This list is not inclusive of all possible fees (such as HOA fees and property taxes), but this gives a good idea of what to expect. Once you have an accepted offer, request an estimated closing statement from the escrow officer. And please note that while some of these are customarily paid by EITHER the buyer or the seller, ALL of these items are negotiable between the buyer and seller.

Title insurance insures that the homeowner is being given a clean title and protects the homeowner from all matters of record, fraud, and forgery that could come up at any point while owning the home. A CLTA title insurance policy protects the homeowner, the ALTA policy protects the lender; it is an extension of the CLTA policy and is generally required by a lender to secure a loan. I have had cash clients purchase the CLTA policy and recently, one purchased the ALTA. Since I am not a lawyer I can't provide advice about what you should do; the best thing would be to consult with a lawyer.

Hope this was helpful!

Good luck,
Krista
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0 votes 3 answers Share Flag
Sun Oct 26, 2008
Jeffrey Douglass answered:
Dear Jennifer,

Unlike some states California does not usually have lawyers involved in the sale or purchase of real estate. Your question is pretty general but here are the most common costs for a Seller.

1. Commission for real estate agents, usually split between Listing Agent (Seller's Agent) and Selling Agent (Buyer's Agent). Commission are negotiable and are usually based on a percentage of sales price - for example 6%.
2. Title Insurance Policy paid by Seller - cost of policy based on sales price.
3. Escrow Fee - usually split half and half between Buyer and Seller.
4. Document Transfer Fee based on sales price.
5. Pro-rated Property Taxes and HOA fees.
5. Other costs or home warranties agreed upon in purchase agreement.
6. Other misc. fees depending on services.

Common costs for the Buyer would include.

1. Escrow Fee - again usually split half and half.
2. Lender's Title Policy Fee.
3. Prorated property taxes.
4. Lender fees which may include loan origination, appraisal, credit report fees, etc.
5. A few downtown buildings have a CCDC fee usually paid by the Buyer, but again negotiable.
6. Other misc. fees depending on services.

You can ask any real estate agent or have escrow prepare you an estimate of your actual closing costs. Some of these costs will change depending on which services you are using. It pays to shop around but the cheapest may not always be your best choice.

If you want to e-mail me more specifics I would be happy to run an estimate for you. I have included a link to a Seller Net Sheet calculator on First American Title Insurance website.
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0 votes 2 answers Share Flag
Tue Aug 11, 2009
Jonathan Bowen answered:
Yes, we were the sole cause of the housing meltdown. Blame it all on us!
0 votes 47 answers Share Flag
Mon Jul 6, 2009
Ali Moein answered:
Dear Shoulibuy,
All good Realtors will serve the best interest of their clients. If my clients best interest is to purchase a $200,000, I will make sure his/her interest is served. By doing so I have been able to do most of my business based on referrals. I'd be happy to send you a list of my references and you can find out how I serve my clients and how I save them money. Then you can decide if you'd like to hire me to be your Realtor.
Regards,
Ali Moein
(408)439-5748
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0 votes 56 answers Share Flag
Thu Jun 11, 2015
Mrdavecohen answered:
Wed May 6, 2015
M.D.J answered:
They are based off of future value and cost of the repairs or improvements for owner occupied purchases. Feel free to contact me to find out more about how they work and other conventional options if your thinking of buying a fixer upper. ... more
0 votes 13 answers Share Flag
Fri Dec 25, 2009
Homa Moaddel answered:
Hi Jeremy,

If you believe that the bottom has not reached based on all these evidence and information. You should wait. After all buying a home is personal, and emotional. Every buyer has its own reason. You have yours. Nevertheless I believe election year and the first year after are when we find the best prices. I am a buyer too and have my own reasons and belief.

Sincerely,

Homa
Broker Associate
Prudential California Realty
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0 votes 50 answers Share Flag
Tue Apr 27, 2010
Mbkowns answered:
Your low balling there already considered low price. People are still buying houses remember that. If you see one that people have passed by for a few months try a lower amount but otherwise they will usually want close the what they ask or right at it. If you don't care about the houses and want to keep dropping a line then keep doing it but you might be waiting for much longer. You also can always resubmit an offer to these properties if you like them consider going up especially if you got no word the first time. Have your agent call the listing agent to see if the property has offers in. Sometimes you will get lucky and they can give you some good info but take it with a grain of sand. ... more
0 votes 28 answers Share Flag
Sun Mar 17, 2013
Brian Eddins answered:
Right now is actually a great time to buy in Austin if you can obtain financing. our market is a little slow right now creating a buyers market. right now it is more common for sellers to pay cc and maybe downpayments. it really just depends on what type of loan you get. I would love to assist you with your search. feel free to contact me. ... more
0 votes 42 answers Share Flag
Thu Dec 9, 2010
Jim Johnson answered:
Your friends are mistaken, or you misunderstood. If your agent did a good job and did not charge you a fee in addition to the commission the agent will have earned, you should be grateful. ... more
0 votes 12 answers Share Flag
Thu Oct 1, 2009
Ardell Dellaloggia answered:
Let's assume your house is worth $500,000. The option price might be $5,000 and the monthly might be $1,750 or so. A lot depends on the home's location, the schools, and other factors. But that's a ballpark.

But know that your are renting it and not selling it. More than half of the Lease Purchase contracts don't close, according to some statistics I have read.

1) If the market goes down in the next couple of years, and it may, the buyer will not want to buy it at today's prices, even if they have agreed to do so.

2) The mortgage criteria is not likely to improve to the point where someone who can't get a mortgage today, can get one in six months or a year. So if they can't get a mortgage now, why will they be able to get one later? Know that answer.

If they have a great credit score, but need more of a downpayment, often the monthly amount is increased over market rent, so as to give them a credit against the price or a downpayment buildup.

The bigger question is why would you want to risk selling it next year for less than you can today?
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0 votes 7 answers Share Flag
Mon Nov 21, 2011
Barbara Madaras answered:
My comment is that it is always difficult to serve two masters! Having done "double ending" deals and done them with grace and ethics, I can tell you they are the absolute hardest transactions. So, in general, it is best to let the seller's agent represent the seller and you have your own representation.

Having said that, you need to temper that advice with the traditions in your part of the country. Here in NM, there is no cost to a buyer to have their own representation. The Seller pays the commission which is then split between the two agents. The buyer bears no cost. If that is not the case in your area, then cost might influence your decision.

HOWEVER, just because you can identify the property does NOT mean you know the property, the area, the comparables, the appropriate price. It does not mean you have the ability to protect yourself with the appropriate contractual paperwork, inspection procedures, negotiation "fine points".

That is where a Realtor shines and, in my opinion, provide much more in guiding and protecting than we could ever earn! And my clients all agree with me!

BARB
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0 votes 81 answers Share Flag
Tue May 2, 2017
Michael Barron answered:
Hi there Joe, this seems high, What is the purchase price ? It normally is $ 2 per thousand with a $ 200 base. So for Example Sales price $ 600,000 Escrow would be $ 1,400 per side. Total closing costs normally is 1.5% of Purchase price.
If you are interested in getting more informtion on this let me know. Hope this helps
Kind Regards
Michael Barron
Realtor
First Team Real Estate
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0 votes 17 answers Share Flag
Tue Apr 15, 2008
Ben Goheen answered:
Hi April,
As far as convincing you to use an agent, it sounds like you already have your mind made up.

Sure you can negotiate a price with the seller yourself. How did you come up with the price you want to offer? Were you able to find comparable homes that SOLD in the neighborhood recently?

It sounds like the seller has an agent. If that's the case, they have no responsibilities towards you. A good buyer's agent will make sure you're getting the best deal and they'll look out for your best interest. You don't pay them - they get paid by the seller's agent (which it sounds like you know that).

This is probably usually the biggest financial decisions in people's lives. If you go to court, do you represent yourself? If you need surgery do you just have a nurse do the work so you can save money? You work with professionals because of their expertise. There are many legal aspects of a contract that a Realtor will be able to help you with.

Can it be done? Sure. If I were in your situation I would at least work with a lawyer who will look over the contract. A client we know did that last year and the cost was less than $500. Also for your protection, I'd suggest a home inspection. That is money well spent.

Good luck!
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0 votes 45 answers Share Flag
Fri Dec 28, 2012
Robert and Sandra Bolcar answered:
Hi Danielle:
When mortgage companies don't charge points and fees they may either build them into a higher percentage rate or back end the costs to you at closing. If you are taking out a $300,000 loan and told to bring nothing to the closing :) look to see that your loan is not actually $310,000 with the $10,000 in actual closing costs built in :( . It's hard to know rates spreads and what you are actually getting is a good deal because it all depends on your credit scores and other variables. You should check with 2 or 3 lenders to compare apples to apples. Good luck with your mortgage hunting.
Sandra Bolcar
RE/MAX VILLAGE SQUARE
973-744-7722
sandra@thecrosskeysteam.com
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0 votes 19 answers Share Flag
Tue Nov 20, 2012
Dallas Texas answered:
Actually if you had a real estate agent could be another option just as long as the seller excepts a real estate agent /realtor to represent you and the seller pay for the buyer agent representing you.

There are standard practices that all sellers MUST follow per the laws in the state of Texas whether they have a listing agent OR a For Sale by Owner

With a real estate agent your offer would be submitted on the form authored by the State of Texas for any property purchased. Also the fact the realtor can do the entire follow thru confirming you comply with the contract and the seller complies with there end of the obligations per the State of Texas

Having an attorney can be expensive UNLESS a commercial property?

IF you are purchasing a single family home an attorney may not have the other resources for your benefit

Are your pre-approved to purchase the property? I am a Dallas real estate agent, realtor, and a Dallas home mortgage loan officer I can assist you

Contact my office if you have any further questions
Lynn
972-699-9111
911@lynn911.com
http://www.lynn911.com
... more
0 votes 8 answers Share Flag
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