One the biggest “heart burns” in real estate settlement is not knowing how much money is needed to bring to closing. The morning of a purchase closing often finds the buyers running from walk-through, to the bank for certified funds, to the closing; thus making the day quite hectic.
You can help alleviate some of this stress by providing Reliant Title with a copy of your client’s Good Faith Estimate (GFE) early on.
Why is this necessary? In preparing the settlement statement (HUD-1), Reliant Title already knows the settlement and title insurance fees, the recording fees are standardized throughout the state, and we’ve obtained a copy of the hazard/flood insurance to include the annual premium.
The only mystery to Reliant Title is what the loan officer disclosed as their fees at loan application. This includes the lender/broker fees, plus the pre-paids (escrows and interim interest).
By providing Reliant Title with the GFE, we are able to provide your buyer with a figure very close to the actual figure, generally within a one-two hundred dollars. This balance can therefore be covered with a personal check at closing (NOTE: Reliant Title accepts personal checks $500 and below). If you provide Reliant Title with the Good Faith Estimate, we guarantee that you will receive a draft HUD at least 48-hours prior to closing.
Please call us at 493-7600 if you have any questions.
