Closing Costs
Anyone have a similar experience to this?
Yesterday, went to a closing on a refinance of one of my properties. As any investor would do, I drew up my figures based upon my last closing, and pre-determined the costs and fees prior to going in. I went in, the bank appointed attorney saw me, and I swear, I could see money signs in his eyes and I could hear the subtle ching ching of a cash register. So, after about an hour of listening to him explain about his fees and the title company fees, and how this closing was going to cost me close to 6K on a 280K refinance, I got up, told the lawyer to go "f" himself, and said that this was ridiculous and left, basically screaming at them. Keep in mind, I'm only 24 years old, and I have a young face, so I look young. They ran out of the office, chased me in my car, and I ended up closing for $1100.
Also, after i closed, loan officer said that in his 3 years of closing loans, he never saw one go through for so cheap.
It's a dog eat dog world, I guess I shoudl be korean, cause I eat em for breakfast!
LOL I wish I could have been there. Just remember that business is business. Don't let them take advantage of you but don't take it personal either.
GOOD LUCK IN THE FUTURE
Dear Young Looking Dog Eater.
My cat approves but then he likes Kimshi.
One approaches a closing or an escrow with a little preparation.
Call the title company and get a hold of their rate book. Lists all costs. Fun reading.
At time of employment of an attorney, sit him down, block the door and go over his costs.
Call the Recorders Office and check the cost of recording documents. Also I would check at time of document prep and see if there is a master on file at the Recorders office for all the crappy little clauses on the back. Sometime it is there and that saves you pages and pages of utter nonsense on recording a Mortgage. Also just for kicks check the Notary and peg her costs. They are subject to bargain.
Remember when this note is resold to an ultimate lender a few more profits are obtained. So spike the points and fees. Most of the fees are absolute BS, so fight them and do not be afraid to leave.
Some of my best closings were completed after the clients had run out of the office at least three times. My Armenian Doctor holds the record. 12 little dashes. My god I was tempted to get a stop watch and furnish him his times.
Ah yes, I remember the Iranian who cursed me in Farsi, spit in my face and freeked out when I came back in Dursi with a full description of his recent Manage la Mother. Dursi is an archaic form of Farsi which is spoken by very retarded Afghanistan tribes men. When spoken to a Farsi speaker it is a really big put down. Similar to being cursed by an Englishman with a BBC Accent.
He bought me lunch, even a drink. he was very friendly, I think he has another deal upcoming. Or he wants to practice spitting.
So fear not you dun good. Lucius
Lufos,
Thanks for the advice. As you can see from my city, I'm from Great Neck, which is the persian capital of the East Coast. I speak a considerable amount of farsi for a blond haired blue eyed american. Persians (at least the ones I dealt with) are famous negotiators. I had an offer on a property in Great Neck, a guy came, offered me !0% over my asking price, and he said he'd pay 25% down, in cash. I agreed, went to closing, and sure enough, he shows up with about 50K less than he told me, less than what was in writing. SOB, he said OK, take it or leave it. I took it, I had to, he knew it, thats why he did it. At one point in our negotiations, he even offered to give me rugs and diamonds to cover the remaining costs. Not to say I'm prejudice, or that I hate persians, because I don't. But damn they are slick. Watch yourself with those guys. I think they're right below syrians on the bargaining food chain.
Wow!!!! Sounds like you have to be tough as nails in your market---and obviously you are as tough as they come!!!
Congrats and continue to not let anyone take advantage of you!!!