I just spoke with the escrow officer and she emailed me a copy of my HUD settlement statement. Everything looks OK, which is pretty shocking given that there are usually always errors on these things. The statement only reflects a 70% investor discount on the title charges, but she is waiting to hear back from the company I purchased title insurance from when I bought the property. Once they confirm my old policy, the discount will go up to 80%.
Her only opening for a signing time today is 3:30 PM, which doesn't really work for me. I'm to blame for this, since I neglected to set up a signing time in advance. But, since her office is pretty far from me, she said she could email me the documents and I could sign them. There is only one page that needs to be notarized, so I will have that done when I go out for lunch today. Then, I'll call her and she'll send a courier to pick up the papers.
Based on the preliminary numbers, it looks like I'll be making around $25,000 on this property. I'll do a more detailed analysis once everything becomes final and the money is in my account.
The reason I say the closing date is theoretical is because she has still not received docs from the buyer's lender. Additionally, she is having problems with her email (which is why I never received the HUD statement she emailed me last week), so who knows if everything will come together today.
Friday, September 16, 2005
Escrow Closes Today - Theoretically
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2 comments:
hi shaun--your blog is really interesting. i've been thinking of jumping into the REI game, and I'm finding your posts helpful. I haven't bought my first property (I live in pricey Calif)--I'm still reading other materials and blogs. I'm going to be taking a real estate course and get a license so that I can lay a foundation.
Thanks for the kind words. You may want to think twice about getting a license. For REI, you don't really need one and it may be a detriment. If you are licensed, you will need to disclose that to whoever you buy and sell houses from, which might cause them to think you are more savvy than them and are trying to "steal" from them or something. Alternately, if you really feel the need, you can take the classes for the license, but then just never take the license exam.
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