This discussion is directed mostly to California agents.. So about 4 years ago B of A decided that escrow companies in Calif were charging too much and stated maximum escrow fee would be $750.00 Fast track to today Short sale with purchase price of $330,000.00.. B of A now says maximum settlement fee is $550.00 My escrow and several others here in So Calif laughed at this and said they would not agree to $550.00 Their original fee was $1,000,.00 and they will agree to reduce to $750.00 Now there may be agents and escrows that bend over to these banks but unless we all start to challenge it B of A will continue to play their silly games and take your money
Well, B of A is not saying the fee needs to be reduced. It is just saying it won't allow a payment from the seller to exceed XYZ. I make the buyer pay the difference.
Not true Elizabeth. they are stating to reduce it . the point is why are we allowing B of A to dictate an unreasonable fee. Funny that they don't question title fees You should not have to go to the buyer or agents pay the difference. You should stand up and object to them reducing it,. I am contesting this directly to a Sr VP.
Brett has any escrow that you know of worked for $550.00 on a $330,000 sale?
Not sure about 550 but yes to 750 on deals that size or larger. Obvously they don't want to which is why they will push the fee onto the buyers side many times or at times they just move forward. At times they will get their whole fee and other times it will be reduced. This goes for commission and other fees as well that may be reduced or not approved. It's based off servicer, investor, or MI guidelines depending on who is calling the shots.
Best of luck in your dispute, it may work!
Per Sr VP at B of A This is straight across the board no matter who the investor or MI is.