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Old 04-04-2012, 06:16 PM
 
Location: Old Town Alexandria
14,495 posts, read 24,481,365 times
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Quick question:
My broker was all confused when I asked for her fax number. Aren't they supposed to receive and calculate the payoff once a buyer has made an offer? Sellers need to know the banks bottom line.

It is confusing because last time I did not even have to attend the closing, now I ask a broker of 30 years experience this and she is confused?
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Old 04-04-2012, 06:28 PM
 
Location: Salem, OR
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I'm confused by your question. You are wanting to know if the broker will calculate a preliminary net sheet for the seller in a short sale?
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Old 04-04-2012, 06:34 PM
 
Location: Old Town Alexandria
14,495 posts, read 24,481,365 times
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I am the seller, its not a short sale.
I told her (as I have done 3x previously, different states) I would call bank as they need to give pay-off letter in writing. I need the amount on paper is all.

Thanks for any help. I thought she would know.
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Old 04-04-2012, 06:38 PM
 
Location: Salem, OR
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The escrow officer calls and gets the payoff letter after you have an accepted contract. They need it to calculate the HUD statements.
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Old 04-04-2012, 06:42 PM
 
Location: Gorham, Maine
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The agent can't get the payoff for your loan without written permission. If you have an offer with a close date, you can call your lender and get a payoff based on that date. Or am I missing something?
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Old 04-04-2012, 06:48 PM
 
Location: Lexington, SC
4,281 posts, read 11,251,999 times
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I think he is asking about a Good Faith Estimate, but as I understand the procedure he is way premature in the process to receive such.

I can tell him as a seller that he should compute the real estate sales person commission and add about 2% for various "things/expenses" and you will be close to your net (walk away with or come up with) figure.

Example: Accept offer of $200,000.00 minus realtor 6% commission ($12K) plus 2% ($4k) you have left about $184K. Now subtract your mortgage (plus or minus number) and that is what you will receive or pay.

You owe $180K, you walk away with about $4k. You owe $190K, you pay about $6K to walk away from.

Now let us say your contract says you help/pay buyers closing costs. Add that amount to the realtors commission and the 2% to subtract from the $200K, so the $184K in the above example becomes less.

Rough numbers, but closer then many like.

Sorry to say in many cases now a days, the sellers are brining money to the table/closing versus walking awy with money.

Hope this helps.
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Old 04-04-2012, 06:51 PM
 
Location: Old Town Alexandria
14,495 posts, read 24,481,365 times
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We have an offer and close date signed by potential buyer.

So I need to sign off on the offer first? The buyer signed off, I need a bottom line $ amt from bank before deciding. Odd she didnt tell me that.
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Old 04-04-2012, 06:56 PM
 
Location: Old Town Alexandria
14,495 posts, read 24,481,365 times
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Thank you accufit. In florida the paperwork was done plus there was (at that time) a 3k "prepayment " penalty that banks were doing, as penalty for just paying off your house.

I am wondering if they are still doing this in todays market? It could be a deal breaker....
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Old 04-04-2012, 06:59 PM
 
Location: Salem, OR
14,507 posts, read 34,756,844 times
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Quote:
Originally Posted by dreamofmonterey View Post
We have an offer and close date signed by potential buyer.

So I need to sign off on the offer first? The buyer signed off, I need a bottom line $ amt from bank before deciding. Odd she didnt tell me that.
Yes escrow needs to be opened and such. Just call your bank and ask. Most have an automated system. Punch in your social security number and it will give you a payoff balance.
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Old 04-04-2012, 07:10 PM
 
Location: NJ
17,579 posts, read 41,484,170 times
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Quote:
Originally Posted by dreamofmonterey View Post

I am wondering if they are still doing this in todays market? It could be a deal breaker....
Probably the type of thing you want to check out before you put your house on the market.
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