From: "Canzie" 
Newsgroups: misc.invest.real-estate alt.invest.real-estate misc.consumers.house
Subject: Re: are these buyer's settlement costs legitimate?
Date: Fri, 22 Aug 2003 13:06:00 GMT

You are right.  He's getting totally and completely hosed.  Its a
conspiracy.

-- 
Michael Papp
iNet Lending / Carteret Mortgage
www.iNet-Lender.com


"Bubba"  wrote in message
news:51l1b.108821$3o3.7651767@bgtnsc05-news.ops.worldnet.att.net...
> How do you know he got a cheap deal without knowing the contract price?  I
> think you are jumping the gun.  He should ask the title company to explain
> each of the charges.  It does not appear that he is even getting an
owner's
> title policy in the deal.
>
> "Canzie"  wrote in message
> news:%5e1b.26497$Cd2.13793@nwrdny01.gnilink.net...
> > You got an absolutely cheap deal.  I wish I could do them so cheaply.
> >
> > -- 
> > Michael Papp
> > iNet Lending / Carteret Mortgage
> > www.iNet-Lender.com
> >
> >
> > "RPC"  wrote in message
> > news:Xns93DECB53BA8C666@204.127.199.17...
> > > After much work I was able to get an itemized list of
settlement/closing
> > > costs for our home purchase (closing is Monday 8/25).  (These are just
> > > the charges made by the title/closing co., as ordered by the sellers
> > > realtor). The HUD-1 gives only the total, $923, which seemed high. Our
> > > lawyer hasn't been very forthcoming, but it is too much work at this
> > > point to think about firing him. I would appreciate some advice:
> > >
> > >
> > > Itemized:
> > >
> > > *escrow fee $505
> > > *loan policy $225
> > > delivery/service charge $20
> > > *EPL $90
> > > document processing fee $5
> > > deed $26
> > > Mortgage $52
> > >
> > > Total $923
> > >
> > > I will ignore the small amounts. Questions:
> > >
> > > (a) What is an escrow fee? We are not required to maintain a
> > > tax/insurance escrow and are not doing it. Is there some other kind of
> > > escrow service that the closing co. provides? Why does it cost $505?
> > >
> > > (b) Who does the 'loan policy' protect, and against what?
> > >
> > > (c) As far as I can tell, EPL is "Employment Practices Liability". Who
> is
> > > being protected by this insurance?
> > >
> > > Many thanks for your help!!
> >
> >
>
>