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7 Tips for a Profitable Home Closing

By: G. M. Filisko

Be sure you’re walking away with all the money you’re entitled to from the sale of your home.

When you’re ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there’s nothing left for you to do. Not so fast. It’s easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.

1. Take services out of your name
Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.

If you’re on an automatic-fill schedule for heating oil or propane, don’t pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you’re entitled to a refund of prepaid premium.

2. Spread the word on your change of address
Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.

3. Manage the movers
Scrutinize your moving company’s estimate. If you’re making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don’t use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.

4. Do the settlement math
Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.

5. Review charges on your settlement statement
Are all mortgages being paid off, and are the payoff amounts correct If your real estate agent promised you extras-such as a discounted commission or a home warranty policy-make sure that’s included. Also check whether your real estate agent or title company added fees that weren’t disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.

6. Search for missing credits
Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you’ve prepaid taxes for the year, you’re entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank

7. Don’t leave money in escrow
End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later.

Other web resources
(http://www.realtor.com/home-finance/sellers-basics/closing.aspx) Closing costs explained (http://www.homeclosing101.org/costs.cfm)

G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Visit houselogic.com for more articles like this. Reprinted from HouseLogic with permission of the NATIONAL ASSOCIATION OF REALTORS
Copyright 2010. All rights reserved.

Short Sale Highlights

We are aggressively and successfully performing short sales thus helping hundreds of people to avoid foreclosure in Charlotte, Lee and Collier counties. No worries if your property is not located in these areas. These highlights hold true nationwide. However, you should always consult your tax professional and attorney for your specific situation. With that said Here are some short sale highlights!!

    • A short sale can have a much less negative effect on your credit than a foreclosure or deed in lieu of foreclosure
    • A short sale acts as a traditional closing with specified close date once we get an approval
    • In most cases a short sale approval will have the language for a waiver of deficiency.
    • If you maintain your credit you may be able to purchase a home in 24 months or less.
    • We have other affiliates who have sold homes to people who have short sold their home 90 days from the short sale date. They kept current on their payment all the way to close and bought 3 months later!!
    • Banks are more willing to do a short sale than foreclose on you. The time is now when things are so lenient and the government encourages it.
    • Banks are making the short sale process even easier!
    • It is estimated that there will be another 3,000,000 short sales, deed in lieu of foreclosure and foreclosures combined nationwide before we see this slow down. Why foreclose when you do not have to?
    • A short sale will cost you NOTHING! If anyone is charging you money to do a short sale, RUN!
    • A short sale is a means to a quicker recovery for you and your family.
    • This can be time to relieve a bad asset for you! IE negative every month b/c the rental market is so low!
    • The short sale process is fairly easy for you There are certain documents that are required. Once we get them from you, it is all up to us!
    • We do not guarantee a short sale but we have a strong closing percentage
    • Short sales can be done with 2 mortgages on the property.
    • A short sale will clean up all past liens Back taxes, HOA fees, etc All are paid by your lender at closing.
    • We average 7 days on the market for short sales.
    • You do not have to be delinquent on your mortgage to do a short sale. It is a personal decision.
    • Depending on how the property is held, you may not be taxed on the deficient amount! Speak with your accountant.
    • Timelines for short sale approval are becoming quicker and quicker.

I am sure I am forgetting some other things, but these should answer some of the most common questions homeowners have about short sales.


Article Source: http://www.articlesnatch.com

About the Author:
Steve Daria is the Broker / Owner at Maxim Realtors, LLC in Fort Myers, Fl.

Maxim Realtors, LLC is short sale servicing all of Lee, Collier and Charlotte Counties That is Punta Gorda, North Fort Myers, Pine Island, Cape Coral, Fort Myers, Sanibel Island, Captiva Island, Lehigh Acres, Fort Myers Beach, Estero, Bonita Springs, Naples, Marco.

Read more: http://www.articlesnatch.com/Article/Short-Sale-Highlights/1193769#ixzz1hJY10Izy
Under Creative Commons License: Attribution No Derivatives

8 Reasons Why You Should Work With a REALTOR

Not all real estate practitioners are REALTORS . The term REALTOR is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS and subscribes to its strict Code of Ethics. Here are five reasons why it pays to work with a REALTOR .

1. Navigate a complicated process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multipage settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Information and opinions. REALTORS can provide local community information on utilities, zoning, schools, and more. They ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment Second, will the property have resale value when I am ready to sell

3. Help finding the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR to find all available properties.

4. Negotiating skills. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Property marketing power. Real estate doesn t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR , you do not have to allow strangers into your home. Your REALTOR will generally prescreen and accompany qualified prospects through your property.

6. Someone who speaks the language. If you don t know a CMA from a PUD, you can understand why it s important to work with a professional who is immersed in the industry and knows the real estate language.

7. Experience. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. REALTORS , on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

8. Objective voice. A home often symbolizes family, rest, and security  it s not just four walls and a roof. Because of this, homebuying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they ll every make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Wells Fargo Short Sale Guide

A Wells Fargo Short Sale is a way for troubled borrowers to avoid losing their homes in a foreclosure. In a short sale, the bank agrees to accept less than the amount owed on a borrowers mortgage, allowing him or her to sell off the home at a discount. Often, this makes more sense to Wells Fargo than foreclosing, as they tend to lose less in the process.Banks have been put on the spot for being less than efficient in helping consumers, but the Wells Fargo short sale is known to be among the fastest in the industry. In fact, one can complete a short sale with the bank in as little as two months, instead of the six or more it usually takes with other lenders. If youre considering a Wells Fargo short sale, heres a simple guide to help you get started.

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Foreclosures and Short Sales

Prepare Your Hardship Letter – Wells Fargo short sale officials put a lot of weight on the borrowers hardshipthey want to know that your only option is a short sale and youre not just taking advantage of market conditions. Your hardship letter should explain in detail how you fell behind, and how a Wells Fargo short sale can help you. Make sure youre able to back it up with the right documentation, such as dismissal slips, medical bills, or divorce papers.

Find A Good Agent.

You need to list your home with a qualified real estate agent before applying for a Wells Fargo short sale. The listing agreement is one of the main requirements in the short sale package. Find an agent who has specific experience in short sales, particularly with Wells Fargo, as theyll be more familiar with the system and in-house policies.

Check Your Homes Value.

Wells Fargo recommends short sales for people who cannot or do not want to stay in their homes, and whose homes have depreciated. Your agent can draw up a comparative market analysis of similar homes to give you a basis of comparison, which you can use to help your Wells Fargo short sale case. The bank is more willing to work with borrowers who have underwater mortgages than those who still qualify for other alternatives.

Market Your Home.

Like other major banks, Wells Fargo has tightened its rules in closing deadlines. You have to complete your Wells Fargo short sale before the date set in the agreement; otherwise the bank will choose to foreclose. Try to get your Wells Fargo short sale home viewed by as many buyers as possible, and work with your agent to negotiate with buyers for the best possible deals.”

Article Source: http://www.articlesnatch.com

About the Author:
The author regularly writes on Short sale related issues like buying, selling, real estate short sale and loan modifications. With over 14 years experience in the real estate short sale field as a real estate broker, he provides help even first-time buyers and sellers to get the perfect deal. His suggestions and views are based on his professional experience. If you are looking for more information on author and his article on short sale, real estate short sale, Wells Fargo short sale

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