As you point out, this is not always possible due to last minute details - however, I believe there is a law that states you have a right to have the final HUD-1 24 hours before closing. It might be an “out” to use if things are REALLY off base.
I have also had realtors pull stuff like that as well, sneaking things in, thinking I won’t catch it. I always call them on it at the closing table, though. I just want them to know, I KNOW, and they’re not fooling anyone. It doesn’t make me more friends, it creates a really uncomfortable moment of silence and embarrasment, but hey, sometimes you’ve just got to be a little obnoxious. I guess it’s my little “punishment” for their lack of integrity. It’s always for small stuff, so it’s not like you’re going to can a deal over it. But still, it just ticks me off.
Check everything before you close! - Posted by Lori Samson
Posted by Lori Samson on August 18, 2000 at 02:04:57:
I had a lease option deal to close today and I luckily noticed that the rent prorations were not on the closing statements. I caught it and pointed it out to the closer (not my regular one due to her being on vacation) and she re-did the docs. I ended up making an extra 390.00 for paying attention! That pays for some nice dinners out and a new dress! Make sure that you get any rent that you have paid for the month already to your seller, credited back at closing. I have missed this in the past and almost missed it today. You also need to see if the tenant/buyer will owe you any rent. I pay my sellers on the 1st of each month and I get paid by my tenant/buyers on the 15th of each month. I paid my payment to the seller on the first of this month and it was for the full month. I closed today and I got credited back for the remainder of the month.
The tenant buyer’s rent was due on the 15th and it is now past the 15th so they need to pay me for the extra days they have lived there until they actually close and fund (which will be Monday,3 days away). So I got 6 more days rent that I would not have gotten if I didn’t pay attention to details!
I wanted to share this for any Newbee’s that may not be aware of this and leave money at the table that they could be entitled to.
Lori
This is why it is a GOOD idea to request to see a copy of the FINAL closing papers a day or two before settlement. - Posted by Susan L.–FL
Posted by Susan L.–FL on August 18, 2000 at 08:33:42:
I realize this is not always possible because they may be taking care of some last minute details and haven’t finalized them—but I STILL always ask.
I have found that there is too much ‘going on’ at the settlement table (general chit-chat, adrenalin pumping, etc.) to be able to really concentrate on the figures and read everything that I should. I want to make sure that everything is AS we agreed—and that they don’t try to slip one past me.
I remember one realtor 14 years ago, (who was selling one of my condos), slipped in a ‘screen repair’ on my side of the settlement sheet (AFTER she had agreed to pay for it herself). Granted, it was only for $7.00—but I thought it was sneaky. (I let it slide but I’m SURE she thought I hadn’t caught it.)
Re: I’m the Queen of negotiating! - Posted by Lori Samson
Posted by Lori Samson on August 18, 2000 at 12:06:46:
That’s what they call me around here! I negotiate everything from the grocery store to the real estate market! It’s in my blood! I have lived at poverty level and just above for my whole life and even though we are not there anymore (A–m–e–n!!!) I love the negotiations in life! My 8 year old has it too! She negotiate everything from her allowance to the grade her teacher gives her! I can’t say I’m not proud of her till she tries to negotiate a spanking! You should hear HER… now she is GOOD! LOL! The real estate market better watch out when she is old enough to start competing with me!
Lori:)
You mean that HUD 1s aren’t required to have the ink still drying … - Posted by Rick Wheat
Posted by Rick Wheat on August 19, 2000 at 08:50:02:
when you sit down at the closing table??? I thought it was federal law or something. At least my title company, (they went out of business last month) seemed to think that was the case.
By the way, how many of you have EVER had a title company just shut the doors one day??? Just curious.
