Buying first resale through Fidelity

[ANGIELAST]

Hi
I’m a newbie and have found a contract and it’s been accepted.
Fidelity are now asking for names on the contract. email addresses and escrow amount. What is this? It needs to be $1000-$5000).
Is there anything I should be asking them for?
Thanks I’m super excited but nervous. I’m from UK
Thanks

 

[Jimmy Geppetto]

Hi
I’m a newbie and have found a contract and it’s been accepted.
Fidelity are now asking for names on the contract. email addresses and escrow amount. What is this? It needs to be $1000-$5000).
Is there anything I should be asking them for?
Thanks I’m super excited but nervous. I’m from UK
Thanks

That is your deposit that is held in escrow until the deal closes. When it closes, the deposit is paid towards the purchase price.

If you cancel the contract or default on any of the buyer terms in your contract, they will take the deposit and issue part of it to the seller, the broker and the escrow/title company.

My suggestion would be to put the lowest amount the broker will accept.

 

[chazas]

That is your deposit that is held in escrow until the deal closes. When it closes, the deposit is paid towards the purchase price.

If you cancel the contract or default on any of the buyer terms in your contract, they will take the deposit and issue part of it to the seller, the broker and the escrow/title company.

My suggestion would be to put the lowest amount the broker will accept.

Or if you want credit card points and are willing to take the risk charge the maximum the title company will allow.

 

[Jimmy Geppetto]

Or if you want credit card points and are willing to take the risk charge the maximum the title company will allow.

No I don't recommend that. All title companies will let you add another credit card charge (up to their credit card max) at closing. No need to put more of a deposit at contract signing. You never know when something in life happens. There is zero advantage to putting more of a deposit than necessary.

 

[chazas]

No I don't recommend that. All title companies will let you add another credit card charge (up to their credit card max) at closing. No need to put more of a deposit at contract signing. You never know when something in life happens. There is zero advantage to putting more of a deposit than necessary.

First I’ve heard of that, but it’s helpful. In any event I’m fine with the bigger deposit, to each their own.

 

[disneylandtour]

Related, does anyone know, roughly, where the credit card maxes are for various resale purchases? On a $30k purchase for me, it was $7,500. On an $8,000 purchase, it was $2,000. I assume that most title companies have standardized tiers for this. Anyone know what they are?

 

[disneylandtour]

Jimmy Geppetto said:
No I don't recommend that. All title companies will let you add another credit card charge (up to their credit card max) at closing. No need to put more of a deposit at contract signing. You never know when something in life happens. There is zero advantage to putting more of a deposit than necessary.

First I’ve heard of that, but it’s helpful. In any event I’m fine with the bigger deposit, to each their ow

Hmmm, I'm not sure that this is really a thing for all title companies.

 

[Jimmy Geppetto]

Related, does anyone know, roughly, where the credit card maxes are for various resale purchases? On a $30k purchase for me, it was $7,500. On an $8,000 purchase, it was $2,000. I assume that most title companies have standardized tiers for this. Anyone know what they are?

Www.dvclsoings.com is $7500 max regardless of contract amount.

Www.trcsinc.com is $1500 regardless of contract amount.

 

[AstroBlasters]

Hi
I’m a newbie and have found a contract and it’s been accepted.
Fidelity are now asking for names on the contract. email addresses and escrow amount. What is this? It needs to be $1000-$5000).
Is there anything I should be asking them for?
Thanks I’m super excited but nervous. I’m from UK
Thanks

FWIW, @Jimmy Geppetto is a legend on this board…. so I would lean on his guidance.

 

[chazas]

Www.dvclsoings.com is $7500 max regardless of contract amount.

Www.trcsinc.com is $1500 regardless of contract amount.

https://www.dvcclosings.com/ has decreased to $5000. They did it between two contracts I'm in process on.

 

[JackosinDIS]

I believe www.masontitle.com is still $7500 max