Real Estate Closing Survival Guide – Part III
The buyer and sometimes even the seller are expected to have some money ready to hand over during this fateful meeting. You should be informed of the amount you need before the closing. If you are not, call and ask. You’ll want to bring a certified check or send a wire for the correct amount. Read the rest of this entry
Continued from last week.
Downfalls of mortgage escrow accounts
There are several downfalls to escrow accounts. Basically, you are paying someone to do something you could do yourself (make payments on a schedule). Other downfalls occur when escrow accounts don’t work properly, when there is an overage or shortage, and due to missed opportunity cost. Read the rest of this entry
As we come to the end of another year, you are probably like me. You start reviewing your statements for tax purposes. Ever year I examine my mortgage statement and review my escrow account. Doing this made me think about “Escrow Accounts” the pro’s and con’s of them. I found a great article I wanted to share in two parts. This week we’ll focus on the Pro’s of Escrow and next week we’ll focus on the con’s. Read the rest of this entry
One of the key documents is the HUD-1, (http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf ) a government-mandated statement that breaks down the costs of the transaction.
Depending on the city or county, buyers and sellers, borrower’s might receive more than one HUD-1 before closing so they can track new information and changes as the loan progresses. The final HUD-1 will be issued at closing or in your closing package. Read the rest of this entry
This is one of those stories that you may not actually believe unless you heard it directly from the person himself. And, even hearing from him…my jaw didn’t want to lift from the floor! I had dinner with a client last week and he divulged an embarrassing and horrific story of a real estate deal gone wrong. It’s the very essence of WHY we buy title insurance. However, in this case, it didn’t help him… Read the rest of this entry