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All that stuff should be coming from the lender/title company as I understand it, used to be the HUD statement but that has changed as of this month to something else. I am not in finance or a Realtor so I may be wrong but I've done a lot of transactions and I've always gotten that stuff from my lender/title agent not my Realtor.
Same as "2b"....I let the lender handle the buyer unless it is a cash buyer. I have separate Excel sheets for cash buyers and sellers that gives me an estimated figure. I can get pretty close if I have all the info.
Yes Realtors (R) have various tools at their disposal to calculate estimates. The new lending rules put in place on October 3rd of this year require a document be delivered to the buyer/seller at the start of escrow and another document delivered prior to close (similar but better IMO than the old HUD-1) which puts things in plain language and actually shows the difference between the original estimate and the final numbers. There are now defined disclosure and waiting periods to distribute this information to buyers/sellers as opposed to simply presenting this info at closing............some are thinking this will be cumbersome but even though we will need to do more planning around timing this will probably be a good thing for buyers and sellers going forward.
How do real Estate Agents prepare the estimated closing costs and net proceeds for their clients?
If you're an agent, go ask your broker. If your broker can't help you find a new broker. If you're the public, I know what the cost are and plug them in on a form for the client on a listing. If its a buyer the numbers should come from the lender except for the EM and inspection costs.
Our MLS has a seller and buyer forms that we can plug in numbers and it will calculate prorated taxes, estimate insurance, etc., etc. Works well.
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