The closing costs for a buyer should be no different on a short sale and I’m assuming you are buying a short sale. I’m not looking at the HUD1 but having down dozens of them this is what is typically done. There are 2 sides to the HUD1, the buyer side and the sellers side.

Under A the 2,350 is typically on the buyers side but the number sounds high and should be lower than the owners title insirance. The sellers side typically pays the owners title insurance and should be the higher amount.

Under B the $2,000 in 2nd half taxes are the taxes due from date of closing until June 30,2011 so you are pre-paying your taxes not the sellers.

As for the rest of the fees it really depends upon your loan fees and when you are closing. if you close at the beginning of a month you have to re-pay interest for the rest of the month, hence the reason most people prefer to close at the end of a month.

In summary without seeing the actual HUD1 its its unusual that you would pay impossible to say I would ask about those title charges. Call escrow not the listing agent/office.

The closing costs for a buyer should be no different on a short sale and I’m assuming you are buying a short sale. I’m not looking at the HUD1 but having down dozens of them this is what is typically done. There are 2 sides to the HUD1, the buyer side and the sellers side.

Under A the 2,350 is typically on the buyers side but the number sounds high and should be lower than the owners title insirance. The sellers side typically pays the owners title insurance and should be the higher amount.

Under B the $2,000 in 2nd half taxes are the taxes due from date of closing until June 30,2011 so you are pre-paying your taxes not the sellers.

As for the rest of the fees it really depends upon your loan fees and when you are closing. if you close at the beginning of a month you have to re-pay interest for the rest of the month, hence the reason most people prefer to close at the end of a month.

In summary without seeing the actual HUD1 its its unusual that you would pay impossible to say I would ask about those title charges. Call escrow not the listing agent/office.

The closing costs for a buyer should be no different on a short sale and I’m assuming you are buying a short sale. I’m not looking at the HUD1 but having down dozens of them this is what is typically done. There are 2 sides to the HUD1, the buyer side and the sellers side.

Under A the 2,350 is typically on the buyers side but the number sounds high and should be lower than the owners title insirance. The sellers side typically pays the owners title insurance and should be the higher amount.

Under B the $2,000 in 2nd half taxes are the taxes due from date of closing until June 30,2011 so you are pre-paying your taxes not the sellers.

As for the rest of the fees it really depends upon your loan fees and when you are closing. if you close at the beginning of a month you have to re-pay interest for the rest of the month, hence the reason most people prefer to close at the end of a month.

In summary without seeing the actual HUD1 its its unusual that you would pay impossible to say I would ask about those title charges. Call escrow not the listing agent/office.

heheheheh…welcome to any closing.

One thing to note… many times (and don’t ask me why this happens, you will see that you the buyer are being charged for both title insurance policies. (yours and your lenders) Make sure you have not overlooked any credits. Make sure you are not receiving a credit for your title insurance policy cost from the seller. Thus in reality you are only paying the title insurance policy for your lender. On many GFE statements you get from lenders you will see both title insurance policies as well as county transfer tax even though you the buyer dont pay them in the end. Why this is… cannot tell you.

If you are worried about the cost of escrow it is kind of late to do anything about it now. Call up a few escrow companies tomorrow and pose as a seller shopping for costs. Given them the sales price of the home and ask how much escrow will be total. If you want you can ask for how much title will be as well. Make sure you tell them it is a short sale because I have heard some escrow companies charge a little more for short sale escrows.

Also as you have probably seen, there are the misc notary fees, recording fees, documentation fees, wiring fees, maybe a sub escrow fee… ain’t it fun?

Again though, I very very very much doubt you are paying both title insurance fees unless your agent is an idiot. You are probably missing a credit from the seller somewhere on the HUD. If you cannot find it call escrow tomorrow and have them straighten it out. I will bet you a shiny quarter you are not paying for both.

Also as sdr said you are not paying the deadbeat taxes. Tax liens are satisfied prior to closing or else title would not convey. You always will pay the property tax until the next boundary which in this case is the end of June. Also expect a suppelemental tax bill in a few weeks. Depending on where your assessment comes in you may get money back. The escrow company is basing your tax bill on the CURRENT tax assessment, not the new tax assessment.

heheheheh…welcome to any closing.

One thing to note… many times (and don’t ask me why this happens, you will see that you the buyer are being charged for both title insurance policies. (yours and your lenders) Make sure you have not overlooked any credits. Make sure you are not receiving a credit for your title insurance policy cost from the seller. Thus in reality you are only paying the title insurance policy for your lender. On many GFE statements you get from lenders you will see both title insurance policies as well as county transfer tax even though you the buyer dont pay them in the end. Why this is… cannot tell you.

If you are worried about the cost of escrow it is kind of late to do anything about it now. Call up a few escrow companies tomorrow and pose as a seller shopping for costs. Given them the sales price of the home and ask how much escrow will be total. If you want you can ask for how much title will be as well. Make sure you tell them it is a short sale because I have heard some escrow companies charge a little more for short sale escrows.

Also as you have probably seen, there are the misc notary fees, recording fees, documentation fees, wiring fees, maybe a sub escrow fee… ain’t it fun?

Again though, I very very very much doubt you are paying both title insurance fees unless your agent is an idiot. You are probably missing a credit from the seller somewhere on the HUD. If you cannot find it call escrow tomorrow and have them straighten it out. I will bet you a shiny quarter you are not paying for both.

Also as sdr said you are not paying the deadbeat taxes. Tax liens are satisfied prior to closing or else title would not convey. You always will pay the property tax until the next boundary which in this case is the end of June. Also expect a suppelemental tax bill in a few weeks. Depending on where your assessment comes in you may get money back. The escrow company is basing your tax bill on the CURRENT tax assessment, not the new tax assessment.