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it depends on the verbiage of the contract does it say
contribute 4500.00 or contribute up to 4500.00? its the little words that save
you money
----- Original Message -----
Sent: Wednesday, April 27, 2005 10:52
PM
Subject: Re: [RealEstate] HELP Closing
Tomorrow need question answered
You are correct, your expense is the actual amount, less than your stop
amount.
You are wrong...it is a big deal. I have a 78 year old client who
has closed probably 60 deals a year for the last 30 years. Your $300
mistake would have average $1,500 per month. But, this guy is a hard
money lender and has averaged close to 30% per year on those loans.
Compound that (subtract 30% in taxes) and the result is what millionaires
are made of.....compounding little savings.
----- Original Message -----
Sent: Wednesday, April 27, 2005 2:44
PM
Subject: [RealEstate] HELP Closing
Tomorrow need question answered
HI all -
Closing tomorrow afternoon, I
hope someone can answer 1 question.
As seller, in my Texas contract,
I agreed to "pay up to" $4500 of
buyer's closing costs.
I just
received a preliminary settlement statement from the title
company. All looks good, *except* this:
The total buyers
settlement costs are $4202.76. However, in the
face sheet, the
Title Company still subtracted $4500 from the
buyer's column, whereas I
think it should say $4202.79. Otherwise,
the way I see it, I am
paying ~$300 towards buyer's earnest money
fee and mortgage loan (the
other two values in buyer's column). Are
the loan amount and
earnest money considered closing costs?
The $300 doesnt really matter
in the big picture, however this buyer
has been a royal pain in the
you-know-what and I'd rather not put
that extra $300 towards his earnest
money/loan amount if this is a
mistake.
In short, since buyer's
total settlement costs (insurance, taxes,
blah blah blah) are only
$4200, am I responsible for the full $4500
amount?
Thanks if
anyone can shoot me a quick
anser!
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