Saline Real Estate and Homes for Sale

On January 1^st this year, in addition to a new Good Faith Estimate (GFE) form, we were also introduced to the new HUD-1 form for your Saline real estate.  (Original article by Vance Shutes).  Let's take a look at that today.

FYI - There are now 297 days until November 5, 2010, when we VOTE THE INCUMBENTS OUT!

I've written previously about the HUD-1 form required at your real estate closing.  Basically, the HUD-1 form is where ALL monies are accounted, for both buyer and seller.  If any money is changing hands as a result of the closing, it HAS to be accounted for on the HUD-1 form.

But where did the numbers on the HUD-1 form come from?

It was that question which prompted the changes introduced on January 1^st this year.   For those purchasing real estate with a mortgage, most of the figures on the HUD-1 form come from the mortgage lender.  We learned last week that, under most circumstances, the new GFE comes with requirements that mortgage lenders leave the "estimates" unchanged from the time of the mortgage application until the closing.  As a result, the new HUD-1 form can tie the costs quoted on the GFE directly to the closing.

If you click through to see the new HUD-1 form, you'll see the line-by-line references to the GFE form (for example, "from GFE #1").  As a result, when you review your HUD-1 form just prior to your closing, you'll be able to directly compare the estimated costs quoted by your mortgage lender with the actual costs.

Time will tell if the new HUD-1 is an improvement or not.  All we know for sure right now is that the new requirements will have an impact on your purchase of and Saline home or condo.

If you're looking to do anything with Saline real estate, you owe it to yourself to take advantage of my experience in the Saline market.  I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

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