Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
Locally, we get a pretty good deal (by my standards) on our escrow fee. $500/file as a flat fee, not a % of the purchase price. Our deals tend to be from $125-200K.
On a retail deal I'm doing at the moment, the sales price of which is $340K, I saw an escrow fee on the closing statement of $995. I thought this was slightly high, but not outrageous. However, the buyer has a relative that claims they closed a $400K escrow with a $500 escrow fee. To me, this seems like a smokin' deal... but wondering if this a function of the location of the deal (different county recorder's having different processess, etc).
Investor · Rancho Cucamonga, CA · Member since 2008 · 1k+ posts · 684 votes
13y
Escrow fees in California vary substantially. The variance is usually company specific versus what county. I only know Southern California and probably have used 50 different escrow companies.
My experience is:
- Some companies use a base fee (say $200) plus a fee per thousand (say $2.50).
- Other companies have no base fee and just a per thousand fee (maybe $3).
- Almost all companies have a minimum (usually $500, in OC I have seen as high as $995).
- Fee wise, title company escrow are almost always the cheapest (FirstAmerican, LSI, etc), but their service isn't always great. I prefer when the REO companies pick these escrows because I don't get fee gouged.
- When comparing remember to factor in the junk fees. Loan tie-in, wire fee, email docs fee, printing fee.
$500 for a $400k transaction is a great deal.
I pay $3 per thousand, but no junk fees and usually get a small discount after the fact. So I think $950 on 350k transaction is reasonable.
Studio City, CA · Member since 2012 · 1 post · 0 votes
13y
Steve L. What do you mean by "junk fees"? Would you please break it down. So, besides the escrow fee of $3 per thousand, is there anything else you pay for? Grant deed prep fee, wire fee, notary fee, sub-escrow fee, loan signup fee,....? Would you please share the escrow company you use, I am also in Socal.
Las Vegas, NV · Member since 2015 · 31 posts · 2 votes
10y
I'm looking at a $7600 escrow fee in Newport on a 3.8 mil land purchase/sale. It's absurd. There should be a company doing this stuff for 500 or 1k flat fees.