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Closing tomorrow- breakdown question
Hi I have a question regarding escrowing property taxes at closing. It's obviously too late at night to call my lawyer. And my GFE isn't loading on my iphone.....
My closing break down is:
Money to the seller
A little over 11k to the title service
Then obviously lawyer fee and title person's appearance.
I'm concerned BC I thought this would all be way higher. My GFE was for 18k. Do you think the escrowed taxes are in there somewhere or did someone forget to tell us that for tomorrow? I'm trying to eliminate any surprises
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Posted 8/27/14 8:36 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Closing tomorrow- breakdown question
I'm sure you have your answers by now, but your laywer should have called and emailed you a few days ago to tell you the breakdown. You'll likely have needed 2 bank checks and a few personal checks. The bank checks will cover the escrow.
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| Posted 8/28/14 10:14 AM |
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KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: Closing tomorrow- breakdown question
Your taxes were probably included in your GFE. They usually always are.
Our total money owed was less than the GFE by a couple thousand dollars.
Good luck and congrats!!
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| Posted 8/28/14 10:30 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: Closing tomorrow- breakdown question
It's hard to answer that question just based upon the information you are giving.
Does your GFE include $11K in title fees?
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| Posted 8/28/14 10:39 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Closing tomorrow- breakdown question
Our closing costs ended up being slightly less than our GFE, but that morning our attorney called us and scared the poop out of us - he miscalculated and gave us a number that was about triple our GFE. We ran to his office to fix it.
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| Posted 8/28/14 10:40 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: Closing tomorrow- breakdown question
Posted by KGools
Your taxes were probably included in your GFE. They usually always are.
Actually, they usually are not included in the GFE because they don't know a certain closing date. The GFE is generated in the beginning. However, that GFE is high so it may include your escrowed taxes. (although without knowing the purchase price of the house its really hard to say. I'm assuming this is not a million dollar home but it very well may be and if that's the case your escrowed taxes are probably not included)
If you are closing today, your bank will probably require about 5 months of taxes put in escrow. Obviously this depends upon where the house is located and when the tax period is up.
Your lawyer should have told you how much you needed to bring to the table today. I'm assuming by now you have it figured out but, if not, FM me and I can help you figure it out.
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| Posted 8/28/14 10:46 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Closing tomorrow- breakdown question
Ours were $8k less than the GFE, but I have been told those numbers are always way off. We only needed to bring a few thousand to the table, and we were told the morning of closing what bank checks to get, etc.
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| Posted 8/28/14 7:49 PM |
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Re: Closing tomorrow- breakdown question
K thanks. All went well no surprises. Everything was included into the 11k so I was very happy!
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| Posted 9/1/14 4:02 PM |
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