Anyone closing on the sale of their home today may be puzzled why the pay-off amount in their HUD-1 (closing statement) exceeds their current (online) mortgage balance. The explanation? Banks assume that they won’t receive the proceeds from closing until the next business day — and therefore keep the “interest meter” running. Ordinarily, that would...Read More
Penny Wise Foolish, Pound Foolish, or, “Minnesota Not-Nice” When it comes to real estate transactions, graciousness begets graciousness, and pettiness begets . . . lack of graciousness. In the vast majority of deals, whatever tensions may have accompanied the negotiations are long forgotten, clearing the way for a warm and amicable closing. Which is only natural: ...Read More
