CA escrow fee??
g20...@gmail.com
As buyers, our 1/2 of "escrow fees" was almost 2% of the sales price!
Given that the average CA price of a So cal home is 500,xxx, it really
adds up. and i'm talking just the escrow fee, not including title/tax/
transfer fees!!
What really ticks me is that the sellers listing agent(Prudential)
chooses the Escrow company, which then happens to be owned by the same
parent company. 5 or 6 companies are owned by the real estate house
mentioned during the closing process. It's like they could charge any
amount, and I would have to pay.
Dave
Do you know what escrow is? It is the amount set aside to pay things like property tax, homeowners insurance, local school taxes, etc. Ours is about 4% of the sale price of our house. Yearly. Yes, that hurts. But considering that it covers taxes and (mandatory) insurance, there isn't much that you can do about it but pay it. That, or lose the house.
Unless I misunderstood and what they are charging you is something different. -Dave
George Orwell
>How much did you pay for escrow fees?
>As buyers, our 1/2 of "escrow fees" was almost 2% of the sales price!
>Given that the average CA price of a So cal home is 500,xxx, it really
>adds up. and i'm talking just the escrow fee, not including title/tax/
>transfer fees!!
When I bought my house in the SFBay area 7 years ago, there wasn't a
specific line item on the settlement sheet called "escrow fee". The
biggest charges were the lenders and homeowners title insurance. The
lenders title insurance I paid and came out to .0015 or .15% of the amount
borrowed. The other policy was homeowners title insurance which defends
the title to the full market value of the house. The seller paid this,
which came out to .0035 or .35% of the total sale price.
Old Republic title insurance company handled the escrow. The title
insurance fees covered the escrow as there just wasn't a specific charge to
handle escrow. All the money flowed to them. They were the ones to make
sure the title was free of all liens, old loans paid off, and taxes were
paid. Only when everything was paid up and the deed was signed over did
the seller receive what remained in the escrow account, which wasn't much
after each agent (I had my own buyers agent) take their 3% cut.
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