I call this a STOP DROP and ROLL moment. What better reason to make sure you get the HUD-1 to review prior to closing, eh?
Well, in all fairness, perhaps there was a change after the pre-closing review. Unless you intend to live with the error, use your leverage by not closing until the figures are corrected. Trust me. After you close, your file will go on the back burner. While you are at the closing table, everyone is motivated to do what it takes to close, so insist upon a fix or a clear explanation of why the figures on the HUD are okay.
There are some circumstances where we close with figures that are less than perfect and the parties decide it's in their best interest to close rather than await a fix. For instance sometimes a lender will set up property tax reserves on the HUD in a way that doesn't jive with the actual due dates of the taxes. It might take 24 hours to have this fixed. If the buyer has the family in the car and furniture in a moving van, they may choose to close and have the escrow account resolved after closing.
So, use your judgment but if you think there is a mistake, stand your ground for a resolution that suits you. It's your transaction.
Well, in all fairness, perhaps there was a change after the pre-closing review. Unless you intend to live with the error, use your leverage by not closing until the figures are corrected. Trust me. After you close, your file will go on the back burner. While you are at the closing table, everyone is motivated to do what it takes to close, so insist upon a fix or a clear explanation of why the figures on the HUD are okay.
There are some circumstances where we close with figures that are less than perfect and the parties decide it's in their best interest to close rather than await a fix. For instance sometimes a lender will set up property tax reserves on the HUD in a way that doesn't jive with the actual due dates of the taxes. It might take 24 hours to have this fixed. If the buyer has the family in the car and furniture in a moving van, they may choose to close and have the escrow account resolved after closing.
So, use your judgment but if you think there is a mistake, stand your ground for a resolution that suits you. It's your transaction.
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