Unpaid Property Taxes: When Credits are Bad and Debits are Good Normally, credits (getting money) at closing is good, while paying money (debits) at closing is bad. When is that not the case? When the Buyer is getting a credit at closing from the Seller for the Seller’s pro rata share of the property taxes...Read More
Busy September (or, “Seeing Triple”) For a Realtor, it’s a high quality problem to have, to be sure. But 3 closings in the next 8 days means 3 of everything (I’m the listing agent, representing the Seller, in all 3 deals). Little (& Big) Details Specifically, it means: 3 walk-thru inspections to deal with; 3...Read More
Closing Checklist — Seller Version As a listing agent (representing the Seller), I’m not a “Mother Hen” when it comes to most closing details. That is to say, I trust my clients to empty out their homes in a timely fashion; arrange for any needed cleaning and/or repairs (see below); give notice to utilities; line...Read More
Location of Closing I paid for that mike! –Ronald Reagan, 1984 Presidential debate You’d think that the home seller — who’s invariably footing most of the closing bill, starting with the Realtors’ commissions — would get to choose where to hold the closing. But by convention, it’s the Buyer’s call. Why’s that? I’d guess it’s...Read More
Not Getting What You Don’t Pay For It won’t show up in my 2012 sales statistics (or my bank account), but one of the more protracted deals I was involved with this past year was helping a good friend (and repeat client) buy a $63,000 St. Paul foreclosure. Why no record of the deal? Because I...Read More
“Isn’t the Mortgage Balance Overstated?” One of the most common questions Sellers have at closing is why their online mortgage balance (or per their final statement) differs from the loan “pay-off” amount. If you haven’t sold a home recently, the latter is typically higher by anywhere from a few hundred dollars to a few thousand, depending on...Read More
