My favorite closing cost for the house I sold in February was $43,000 in excise tax to the city
Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
171–175 of 175 posts
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#172Earlier quoted context omitted.
As others have mentioned, title fraud. My recent closing disclosure has buyer, seller, agent, and title company. It'd be pretty easy to call the buyer claiming to be the title company and request a wire for exactly the right amount to a fraudulent location.
I'm skeptical anyone here has actually bought a house. That's not how it works at all.
Because every country has agreed on a standard procedure
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#173Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#174Earlier quoted context omitted.
As others have mentioned, title fraud. My recent closing disclosure has buyer, seller, agent, and title company. It'd be pretty easy to call the buyer claiming to be the title company and request a wire for exactly the right amount to a fraudulent location.
I'm skeptical anyone here has actually bought a house. That's not how it works at all.
Not sure what you mean. Just bought a house in the U.S. last month.
Title company called and left a voicemail saying they emailed wire instructions and to call to verify with them then check with lender on correct closing amount. The email came from the title company domain so it was easy to verify but literally anyone could have called and mentioned the same.
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#175Earlier quoted context omitted.
We're talking about enough information to create a list of people who are in the process of making the largest purchase of their lives, coupled with the name of the businesses that they're considering sending money to and the exact dollar amounts that they're considering sending. Scammers pay a lot of money to people who can get them those kinds of lists.
Except that's not how it works. You don't pay the mortgage company, you pay the seller.
In the U.S., you pay the title company which acts as or with an escrow company. The escrow company disperses funds to the correct companies once the proper paperwork and all conditions of the sale are met. This could include paying the mortgage company fees and prepaid interest or paying the seller.