Re: [RealEstate] HELP Closing Tomorrow need question answered

[Eric deGooyer]

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 ----- From: tommy To: RealEstate@yahoogroups.com 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! Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: RealEstate@yahoogroups.com Subscribe:  [EMAIL PROTECTED] Unsubscribe:  [EMAIL PROTECTED] List owner:  [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: RealEstate@yahoogroups.com Subscribe:  [EMAIL PROTECTED] Unsubscribe:  [EMAIL PROTECTED] List owner:  [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Yahoo! Groups Links To visit your group on the web, go to: http://groups.yahoo.com/group/RealEstate/   To unsubscribe from this group, send an email to: [EMAIL PROTECTED]   Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.