i was never given a good faith estimate of costs whatsoever. In fact I had to go pick up my own closing statement at escrow and all these charges had already been deducted from the sales price. I thought you were to be notified of what the costs would be prior to closing.
2007-03-12 08:14:07 · 4 answers · asked by pony909 1 in Business & Finance ➔ Renting & Real Estate
There was no lawyer involved in the closing. Escrow company only. Now I just found out today that the guy who wrote up all the papers is not even a licensed realtor. He is working under a broker whom I have never met!
2007-03-12 13:26:54 · update #1
Loan origination fee is a cost (debit) to buyer. Check your closing statement. There should be two columns. One for debit and one for credit.
You may have ended up with the buyers closing statement which is where the loan origination fee should be located.
If your (seller's) statements indicates a debit (cost) to you then you have $10,000 coming back to you from escrow if the have already paid out the funds.
Add up the total charges.You should be receiving sales price minus the following:
Unpaid property taxes
Real estate commissions
Cost of inspections (termite etc., if part of your agreement)
Seller paid items (agreed up closing cost cedit etc.)
at least here in California...good luck
2007-03-12 08:31:25 · answer #1 · answered by Tadow 4 · 0⤊ 0⤋
1. You have the right to see all of the costs on the HUD1 prior to signing it (aka the settlement statement).
2. Not only is that an enormous loan origination fee, it should be on the buyers side, not the seller, as the buyers are the one's obtaining the loan. The loan origination fee is the fee the lender's charge for the loan. Generally it is 1 point or aka 1 percent of the loan amount.
3. Did you sign the HUD1 and receive your check? If so, you may want to talk to an attorney!
2007-03-12 15:27:02 · answer #2 · answered by irin997 2 · 0⤊ 0⤋
Did you sign a sales contract with a Realtor?
Loan origination, did you buy a new house?
If not you paid some of the buyers costs.
Ask for copies of your signed sellers contract, any counter offers and see what happened. You should not be paying a loan origination fee selling a house.
2007-03-12 15:24:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sounds sketchy i would have a lawyer look at it. What did the lawyer at the closing have to say?
2007-03-12 19:28:47 · answer #4 · answered by frankie b 5 · 0⤊ 0⤋