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lakadema
LIF Adult
Member since 5/08 1180 total posts
Name:
Danielle
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Immediate information needed!
We just got the amount of money needed for closing from our lawyer. Let's just say it is several grand more than the GFE. Okay, I understand that the GFE is off sometimes.
The only thing they will give us is the two amounts to be paid to:
1 - the sellers(which is significantly more than expected but the lawyer says that all of the fees are in there)
2 - someone else named class abstract
They said we will get an itemized list of fees the day of closing, but shouldn't we really get that now? How do I know that they are not building "tips" in for people like the title closer, etc... I just think it sounds shady to say hey go to the bank and get 30,000 worth of bank checks and not give me an itemized list of what this money is for.
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Posted 8/14/09 2:22 PM  |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Immediate information needed!
Ugh, I typed up a whole long response and lost it!!
Basically, I've worked in real estate law & mortgage for 10 years and this is standard practice. Your attorney knows you need to get to the bank and possibly move money, so he's giving you the numbers early. Also, it is very difficult to explain unless you are stitting face to face and writing everything down, how we calculate these numbers.
Plus, You will hold onto the checks at the closing table until you are satisfied with everything and then you will hand them over.
As long as you trust your attorney, I would get the checks he told you to and you will have everything explained at closing.
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| Posted 8/14/09 2:51 PM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: Immediate information needed!
it is how we had to do things too......
it totally sucks but thats the way it goes....
however, we had a great mortgage broker and he gave a very well padded GFE and the week before he gave the real numbers and it was much less than we expected.....
i dont know if you are talking real numbers yet but if you trust your broker and lawyer then you dont have anything to worry about
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| Posted 8/14/09 2:57 PM |
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lakadema
LIF Adult
Member since 5/08 1180 total posts
Name:
Danielle
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Re: Immediate information needed!
So this is standard to only have to get 2 big checks? I understand on top of that we have to pay for oil left in the tank, attorney fee, prepaid taxes etc. I am fine with all that.
As long as you are saying it is customary to only get 2 big checks. I just have no clue.
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| Posted 8/14/09 2:58 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Immediate information needed!
well, every closing is different. Some people need one big certified check, some need 10 small certified checks. I would just go with whatever your attorney told you.
And yes, you will need your personal check book for all the little "extras".
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| Posted 8/14/09 3:39 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Immediate information needed!
we had one big check but in the end we got a refund because our GFE was $1300 less than anticipated.
It was nice to put that back in our account.
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| Posted 8/14/09 3:43 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Immediate information needed!
we just went over the GFE with our broker and we went over how much we'll need at closing.....
we had him plug in higher #'s for some of our pre-paids (we have to do 15 months of insurance upfront and a certain # of months for property taxes as well - so we gave him a high # for insurance and a high # for the taxes) we are getting ready to bind insurance and our closing will already be 1k less than the GFE just b/c the insurance is a lot cheaper than we expected - we wanted the GFE to be really inflated so that we would make sure to save enough  ......
in Florida it seems A LOT more simple than in NY and there are no attorneys involved.....
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| Posted 8/14/09 4:07 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Immediate information needed!
Posted by Nik211
we just went over the GFE with our broker and we went over how much we'll need at closing.....
we had him plug in higher #'s for some of our pre-paids (we have to do 15 months of insurance upfront and a certain # of months for property taxes as well - so we gave him a high # for insurance and a high # for the taxes) we are getting ready to bind insurance and our closing will already be 1k less than the GFE just b/c the insurance is a lot cheaper than we expected - we wanted the GFE to be really inflated so that we would make sure to save enough ......
in Florida it seems A LOT more simple than in NY and there are no attorneys involved.....
Same here down in the DC area. No lawyers involved other than the title company.
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| Posted 8/14/09 4:10 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Immediate information needed!
Posted by lakadema
So this is standard to only have to get 2 big checks? I understand on top of that we have to pay for oil left in the tank, attorney fee, prepaid taxes etc. I am fine with all that.
As long as you are saying it is customary to only get 2 big checks. I just have no clue.
Yes two checks are what you bring....your situation sounds totally legit. This is what we had to do as well. Two big bank checks - one is for sellers and other is for the Title Company.
Then you bring your personal check book for leftover oil, attorney fees, and tips!
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| Posted 8/14/09 4:29 PM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: Immediate information needed!
Sounds right...Class abstract (the title company)will then take your one certified check and then disburse it themselves to what and who needs to be paid. I wouldn't worry like someone else said you don't hand over your checks until you understand where every penny is going
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| Posted 8/14/09 4:30 PM |
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lakadema
LIF Adult
Member since 5/08 1180 total posts
Name:
Danielle
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Re: Immediate information needed!
Thank you all so much for your responses. I really appreciate it. 
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| Posted 8/14/09 4:52 PM |
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