To Fee or Not to Fee, That is the Question

Short sales seem to have become an every day type of transaction for many closing offices.  A short sale is when a Seller sells the property for less than they owe.  The lender must give approval for this, and will send an official approval letter that we will use at closing to prepare the HUD-1 Settlement Statement.  Common allowances are the commissions, closing fees, recording fees, tax prorations, junior lien holder payments, and sometimes a seller incentive.

Realtors will negotiate the terms of the sale with the short sale lender, submit to them the offered contract, hardship information for the seller, and other required documentation.  This process can take as little as 3 weeks and as long as 3 months, sometimes a little more.

One item that the Realtor must provide is a draft HUD-1 Settlement Statement for the short sale lender.  This will allow them to review fees being charged, compliance with the terms of the contract and to see their bottom line.  Among those fees, the seller’s settlement closing office will show their fee.  The buyers office will also have fees for the seller, such as a wire fee to send the payoff, or some lenders want the proceeds overnighted to them, a release tracking fee, to ensure the Certificate of Satisfaction is filed properly, and sometimes a recording fee is collected for that Satisfaction, since it isn’t verifiable the short sale lender has collected that in their acceptable proceeds amount.

When selecting a closing agent on the seller side, ask them if they include any fees the buyers closing office may charge within their fee before that initial HUD-1 is submitted to the short sale lender.  Not doing so could mean be difference to the seller having to bring money to the closing, or the seller’s closing office having to allocate some of their fee to pay the buyers closing office for required fees to make the payoff to the short sale lender.



Settlement Agent & Underwriter

Title Concepts, LLC

757-819-6682 office

757-819-6683 fax

1524-B Volvo Parkway

Chesapeake, VA 23320




The Ultimate Spring Cleaning Checklist

While most homeowners are vigilant about regularly wiping down surfaces, disinfecting bathrooms, dusting furniture and mopping floors, there are many nooks and crannies that don’t receive as much attention. That’s why March is the perfect month to do an annual overhaul on your home. Below is a spring cleaning checklist to help you knock it out.

Living Room
Wash curtains and throw pillows.
Take rugs outside and beat them.
Vacuum and spot clean sofas.
Dust lampshades.
Wipe down the television and all other electronics.

Organize and clean cabinets.
Sort pantry and discard items past their due date
Go through your refrigerator. Take everything out, wipe down shelves and throw out anything that has expired.
Clean refrigerator coils. Cut off power to the refrigerator and remove the grill plate. Vacuum the coils with the extendable attachment.

Dust and wipe down furniture. Oil wooden pieces, especially antiques.
Freshen the bed. Wash the duvet or comforter, the mattress pad and the pillows to remove mold and bacteria.
Rotate the mattress and sprinkle baking soda on it. Vacuum the baking soda up after 10 minutes. Move the bed and sweep underneath.
Clean out your dresser. Take out all of the clothing and sort through it. Wipe down the drawers and replace your clothes. Donate anything you haven’t worn in the past year.
Tend to the closet. Remove everything and clean the floor and shelves. Replace clothing and set aside clothes for donation.

Launder all soft materials, such as bath mats, shower curtains and window coverings.
Wipe down vents and fans.
Remove all items from under the sink or linen cabinet and clean the shelves. Throw away old makeup or hair products. Donate ratty or too-thin towels to a local animal shelter.
Use bleach on the tub and toilet to get them bright white.

Basement and Garage
Defrost the deep freezer. Unplug it and remove all items. Once the ice has melted, wipe down the sides with baking soda and warm water.
Organize stored items into two piles. Store stuff you’ll need in the next six months, such as clothes and decorations on one side. Put items that may be there for years on the other.



Spot Clean Sofas

Clean Refrigerator

Oil Wooden Pieces

Open Floorplans Getting Closed Off? Demand Grows for Separate Kitchens

As someone going through a kitchen renovation myself currently, I had this same conversation, and decided to stay with a closed layout.

Here is a great article for you.


Open Floorplans Getting Closed Off? Demand Grows for Separate Kitchens.


Reed Wilson, The Wilson Group 804-396-4625