U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 07-01-2020, 05:11 AM
 
67 posts, read 33,978 times
Reputation: 59

Advertisements

I understand that the buyers of the house will get a draft settlement statement emailed to them 3 days from closing. But what about the sellers? We are scheduled to close tomorrow but don't know what our proceeds will be because we have not got any seller closing statement paper work yet.

Yes, I can guess what the proceeds will be but I don't want to show up at settlement on Thursday and be given a set of papers to sign without having a chance to review them first and compare it to my estimates.

As a seller when did you get the estimated seller closing statement? 1,2 or 3 days before closing, or did you not see anything until the actual closing?
Rate this post positively Quick reply to this message

 
Old 07-01-2020, 05:32 AM
 
Location: NC
7,587 posts, read 9,575,643 times
Reputation: 15991
Your agent should have provided it. If you have no agent you are on your own.
Rate this post positively Quick reply to this message
 
Old 07-01-2020, 06:08 AM
 
Location: Bloomington IN
7,225 posts, read 8,858,064 times
Reputation: 18309
Although legally buyers are supposed to get their closing statement 3 days before closing, it often doesn't happen. Typically title companies will create the seller's statement after the buyer's is approved by the lender. I don't think there is a legal time requirement for sellers.

There can also be delays for sellers related to real estate tax information. Considering we are in a pandemic when many government offices (depending on where you're located) are still not fully staffed or working remotely, it's not surprising. One can literally read and comprehend the seller's statement in 10 minutes.
Rate this post positively Quick reply to this message
 
Old 07-01-2020, 07:57 AM
 
Location: Columbia, SC
9,685 posts, read 19,051,706 times
Reputation: 7862
Quote:
Originally Posted by rrah View Post
Although legally buyers are supposed to get their closing statement 3 days before closing, it often doesn't happen. Typically title companies will create the seller's statement after the buyer's is approved by the lender. I don't think there is a legal time requirement for sellers. ...
Close, but you have your language mixed up so your statement isn't quite correct. Buyers have to receive their closing disclosure from the lender 3 days prior to closing. That has to happen if a loan is involved.

The ALTA (closing statement that you're referring to in your post) can vary. Sometimes you get it a few days ahead of closing, sometimes you see it for the first time at closing. Sellers and buyers usually have the ALTA sent to them from the closing company at the same time.
Rate this post positively Quick reply to this message
 
Old 07-01-2020, 08:19 AM
 
67 posts, read 33,978 times
Reputation: 59
The laws and policies are all very interesting but my main point and concern were not getting a full description of the various taxes and fees connected with my home sale in advance of the actual closing. In a perfect world, I would like to compare their figures against a spreadsheet I developed with my estimates instead of just having it thrown at me at the actual closing with a pen in my hand.
Rate this post positively Quick reply to this message
 
Old 07-01-2020, 08:20 AM
 
Location: Raleigh NC
17,245 posts, read 9,846,242 times
Reputation: 11471
did you ask your agent to get you one, because you wanted to review it before signing? The title officer should be able to get them one to give you, o get you one directly. And explain to you what might change.
Rate this post positively Quick reply to this message
 
Old 07-03-2020, 09:02 AM
 
7,445 posts, read 9,188,930 times
Reputation: 13430
Quote:
Originally Posted by selling home View Post
The laws and policies are all very interesting but my main point and concern were not getting a full description of the various taxes and fees connected with my home sale in advance of the actual closing. In a perfect world, I would like to compare their figures against a spreadsheet I developed with my estimates instead of just having it thrown at me at the actual closing with a pen in my hand.
You should always insist on getting a closing statement prior to closing. I usually receive them at least 2 or 3 days prior to closing--regardless of which side I'm working.

By the way, how did your closing go?
Rate this post positively Quick reply to this message
 
Old 07-03-2020, 11:58 AM
 
Location: Everywhere and no where
911 posts, read 911,860 times
Reputation: 1536
This could be resolved quickly with a call to the escrow company. Far easier than posting here.

I did a refinance recently where I didn't see the numbers ahead of time, only at time of signing. And due to Covid there was no paper copy for me.

I took pictures of the settlement statement to review later, and then had the escrow company send me a digital copy after close.
Rate this post positively Quick reply to this message
 
Old 07-04-2020, 01:48 PM
 
Location: Cary, NC
36,104 posts, read 62,911,893 times
Reputation: 35818
Quote:
Originally Posted by jackmichigan View Post
You should always insist on getting a closing statement prior to closing. I usually receive them at least 2 or 3 days prior to closing--regardless of which side I'm working.

By the way, how did your closing go?

I, too, just wanna know if this little loveshack closed.
It's a real cliffhanger...
Rate this post positively Quick reply to this message
 
Old 07-04-2020, 02:34 PM
Status: "No deal is simple or easy" (set 26 days ago)
 
Location: Just south of Denver since 1989
11,405 posts, read 30,702,888 times
Reputation: 7910
Hopefully, selling home needs a new user name.
Rate this post positively Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top