Escrow estimate vs Actual $4K off????

[Mojorator]

Hello-

So I finally closed yesterday and when escrow started, they sent me an "ESTIMATE" statement of the closing costs (I'm the SELLER) and when the FUNDS cleared and deposited into my account...there is a $4K Dollar difference.

I Called the Escrow Company and they said something about my 'PAYOFF" was different from the original estimate.

I can imagine about $700-1K, but 4K????

What gives??

Could this have something to do with my IMPOUND Account???

This could have been a NICE SET of wheels for my NSX...!!!

Mike

 

[steveny]

I had a closing today and the seller (HUD) did not have the paid receipt for the property taxes so they could not prove they were paid. They had to credit me the money for the taxes even though the taxes are paid.

 

[pvmike]

Mike,

They're saying that the payoff of the balance of your existing home loan is higher than the initial estimate (you owe more than they thought). Confirm that this is correct by comparing your final settlement statement with your last mortgage statement.

If you had an impound account, you should be receiving a refund of your impound reserves that you paid when the loan was created. This should take roughly 4 to 6 weeks by mail.

Hello-

So I finally closed yesterday and when escrow started, they sent me an "ESTIMATE" statement of the closing costs (I'm the SELLER) and when the FUNDS cleared and deposited into my account...there is a $4K Dollar difference.

I Called the Escrow Company and they said something about my 'PAYOFF" was different from the original estimate.

I can imagine about $700-1K, but 4K????

What gives??

Could this have something to do with my IMPOUND Account???

This could have been a NICE SET of wheels for my NSX...!!!

Mike

 

[morrow]

When you purchased your home chances are you did not have a payment due for 1 month. Your mortgage is technically always 1 month behind, so the extra 4k could be intrest due that was added to your payoff demand at the close of escrow.

I just had a client who I refied out of a neg-am loan 600K, they made there feb. payment like normal on time, we closed end of feb, there payoff had $3600 in added interest when the payoff came in. The payoff was good till march 15, they will be recieving a partial refund since we paid off the loan 16 days earlier.