(Closed) Settlement / Closing Day Questions

posted 5 years ago in Home
Post # 3
Member
3102 posts
Sugar bee
  • Wedding: May 2016

I didn’t find out my final number until the day before. It was $600 more. I didn’t speak to the seller really at all. There was some tension between the realtors and it was really quite awkward. 

Post # 4
Member
5761 posts
Bee Keeper

We asked the sellers all questions during the home inspection, as they were present at the time. They left us fabulous receipts and maintenance records for everything, which was wonderful to have.

We didn’t do much talking at settlement either, other than the usual nervous comments we made here and there.

Sometimes you’ll have to pay an amount over and it will be refunded as soon as the town releases final amounts. It just happened to us on the sale of my Dad’s house, and we got a final check back for $600. a few weeks after settlement.

Post # 5
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

Transfer taxes in my city/county were almost $8k, so i’d believe the difference. That should be a figure you can calculate on your own. Did your realtor give you a sheet with transfer taxes broken down by city and county? If not, google it. It should be a dollar value per thousand dollars of the purchase price.

We never met or spoke to the sellers in CA. Everything was communicated through our agents.

Post # 6
Member
2652 posts
Sugar bee
  • Wedding: April 2014 - Italian Villa

Hi! I am a real estate broker and I used to work for a mortgage broker, so hopefully I can help. The reason they don’t know the final figure until the day before (and in some cases, the day of) closing is because the lender has their figures, the title company has their own fees, and for some reason they just don’t communicate until those numbers are 100% finalized after final loan approval (right before closing) in case something has to change due to potentially inaccurate info about your income and other fees such as transfer tax that can fluctuate.

It’s really frustrating for people, but the safety net of a good faith estimate is that the final figures have to be within a certain percentage of their original estimate (I think it’s within 10% but I don’t recall for certain). The numbers can be as far under as they can get them, but they can’t be over more than 10%.

Post # 8
Member
1441 posts
Bumble bee
  • Wedding: May 2014 - Paradise Gardens

@gingerkitten:  That’s really good to know. I will be in the same boat in approx. 15 more days!

@pfinarffle:  Thanks for starting this thread… ca you keep us posted of the outcome?

Post # 9
Member
2388 posts
Buzzing bee

We found out our final number two days before closing. 

In Missouri the sellers do not have to be at closing. So we didn’t ask them any questions. 

Post # 10
Member
9209 posts
Buzzing Beekeeper
  • Wedding: August 2013 - Rocky Mountains USA

We didn’t meet with the sellers at closing either – but we did the next day, and the day after that, when they still hadn’t freaking moved out!  Grr.  It was ridiculous.

One thing you might ask is if they’re leaving any “supplies” or the like in the house or garage.  Ours left a bunch of random stuff, some of which is useful (spare flooring materials, potting soil and pots, etc) and some of which was random (old barley and other foodstuffs).  

Post # 12
Member
119 posts
Blushing bee

Buying a house is the most exciting and frustrating thing ever! my boyfriend and I purchased a house together and we were suppose to settle last week. Then it got pushed to their friday and I just got a phone call today that we are not going to settle until next week. There is so much waiting around. We want to get into the property already.

Ugh why cant they just stick to dates that are set!

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