Results Realty Buzz: Spring TX First Time Home Buyers Guide - What to bring to your closing! Part 9

Informing you on the Real Estate Market in Spring Texas and the surrounding areas and other interesting tid bits!

Spring TX First Time Home Buyers Guide - What to bring to your closing! Part 9

I have been asked by many Spring TX first time home buyers what they will need to bring to closing. The first item that comes to mind is of course funds to close. I have had a few Veterans who did not have to bring funds to the closing 

table but not many. With the changes in the loan industry most 100% loans are gone so you will need some cash.

The money to pay all your fees and closing cost will need to be in the form of "guaranteed funds" such as a Cashier's Check. Your agent or escrow officer will notify you of the exact amount. You will receive a closing document required by HUD that outlines the settlement cost. The Title Company prepares this document. The HUD statement is a little difficult to read as you read it backwards. You start with page two and then go back to page 1. Page 1 is the page that shows the funds you need to bring for your real estate closing. For additional information on HUD statements go here.

In a perfect real estate world a Spring TX first time home buyer  would receive the HUD statement the day before closing so you would have time to go over it before closing. Unfortunately real estate is not perfect; I can't tell you how many times we get the HUD from the Title Company at the closing table. I honestly don't know why it takes so long but it is a very complex process. Should that happen you can bring a check using the figures your lender have come up with from your good faith statement. Should you not bring enough money you can write a personal check to the title company for up to $1500. On the flip side if you bring too much money the Title Company will cut you a check for the overage.


The other item
 you will need to bring is a picture ID such as your driver's license or a passport. A number of years ago I had a client who was moving to another state. He came back to Spring TX for the closing and to get his furniture. A few days before closing I found out that he had turned in his driver's license to the other state and only had a piece of paper for a drivers license. He did not have another picture ID. Back then I talked the title company in to letting us get a membership at Sam's Club and using it as a picture ID. As I told you this was quite a few years ago I'm not sure if that would fly today.  Long story short I highly recommend not turning in your driver's license if you are planning on buying a house unless you have another type of picuter ID.

This is a Spring TX first time home buyers series and as I add additional post I will add the links.  Please feel free to visit my prior post.

  1. Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
  2. Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
  3. Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
  4. Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
  5. Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
  6. Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
  7. Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
  8. Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
  9. Spring TX First Time Home Buyers Guide - Part 9 -  What to bring to your closing!

 

Comment balloon 15 commentsMarchel Peterson • September 15 2009 10:36PM

Comments

Hi Marchel,

Oh my gosh, what a great idea. I have an outline of the process, yet this is so much better. Thanks a bunch, I might just "borrow" a little here and there.

Looks like I've missed most of your other posts, I'll check-em out.

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) about 9 years ago

Marchel what an excellent series, it should give any first time buyer confidence to move forward.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) about 9 years ago

Marchel, your series has been very informative. You should certainly share all of these with your First Time Home Buyers. Great details.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) about 9 years ago

Marchel, This is wonderful information and I'm sure will help  a lot of people.  It's strange but people often don't remember they need picture ID for so many things.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) about 9 years ago

Marchel, last year I had a Borrower show up at the closing and forgot his check at home.  We all thought that he was kidding when he was asked for the check and he went OH OH, but he was not kidding :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 9 years ago

LYNDA, Thanks!  It has been a process.  I started with the contest but I'm just finishing now.  I would like to do one more on appraisals but that will take quite a bit of research.

JENNIFER, Thanks!  It is such a scary process; I hope this helps.

JOHN, I have wanted to do this for a long time.  Now I have a place to send them to go through the process.

CAROLE, It is amazing that people forget about picture ID's but you are right they do.

GEORGE,I'll bet that made everyone's mouth drop (lol).  I have not had anyone forget the check, yet!

 

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) about 9 years ago

This is one of the best series I have read.  Very useful information on each one.  On my first closing, I didn't  even think of telling my clients to bring a photo ID.  Fortunately, this is something that most people have on them at all times.  All went well.  Now that is one thing I don't usually forget.

Posted by Irene Tron about 9 years ago

Marchel, I know I am repeating some of the earlier comments but this is one of the best series I've seen on the subject. You should send this to every first timer you encounter. They will be well taken care of by you!

Posted by Russell Lewis, Broker,CLHMS,GRI (Realty Austin, Austin Texas Real Estate) about 9 years ago

Marchel,

Super post!  These are things some we might forget to tell those first time buyers. 

Ann

Posted by Ann Hayden, SelectAnn.com (Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri) about 9 years ago

Hey, Marchel - 100% loans seem to be making a strong comeback out here. There are advertisements everywhere. I shudder to think that some of those lenders are playing the same games that got us into this mess.

Posted by Russel Ray, San Diego Business & Marketing Consultant & Photographer (Russel Ray) about 9 years ago

Very thorough information for not just the buyers, but sellers, agents, and pre-preparation for renters.  Shows the diligent professional you are Marchel.  Are you planning to do classes?

 

Posted by Diane Rice, SFR, SRES, CNC ( Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL) about 9 years ago

Hi Marchel!  Bravo on this series....I agree that it is the best I've seen and a great source of information.

Posted by Ann Allen Hoover, CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL (RE/MAX Advantage South) about 9 years ago

Hi Marchel, excellent series! and yes, I had been to a few closings where the folks forgot their ID at home, and we had wait for them to bring it back before we could finish the closing.

Posted by Mary Douglas, REALTOR, Red Feather Lakes, Colorado (United Country Ponderosa Realty, Red Feather Lakes, Colorado) about 9 years ago

IRENE, Thanks!  I have been wanting to do this for a long time and now it is finally finished.  Well kind of I might add a few more.

RUSSELL, I did this so I would have everything in one place for my first time buyers.  I know it was a long time ago when we bought our first house but I still remember how scary it was.

ANN, There are so many things for a first time home buyer to learn.

RUSSELL RAY, The only 100% loans I have seen here are for our Veterans.  I wonder what programs you have available?

DIANE, Years ago I tried a first time buyer seminar but it was a bomb.  Maybe online classes would be the thing to do.

ANN, Thank you!!  I appreciate your comment.

MARY, I didn't use to ask until it of course happened.  Now I always try to ask.

 

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) about 9 years ago

Marchel,

And so many who do not receive the education....

Ann Hayden in Wildwood, MO

Posted by Ann Hayden, SelectAnn.com (Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri) about 8 years ago

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