Legacy Escrow

Homebuyer Tax Credit: Settlement Statement Requirement

admin — Tue, 09 Feb 2010 19:50:42 +0000

We have received numerous phone calls and e-mail requests asking for a HUD-1 Settlement Statement signed by the buyers and sellers.

In Washington State, signatures on the Final HUD-1 Settlement Statement are not required and is not common practice. The IRS guideline states:

If you claim the credit on a 2009 (or later) return, you must attach a copy of your settlement statement. For most homebuyers, this will be a properly executed Form HUD-1, Settlement Statement (U.S. Department of Housing and Urban Development) that includes:

Names and signatures of all parties involved,

Property address,

Purchase price, and

Date of purchase.

The Final HUD-1 Settlement Statement was mailed to the buyer and seller at closing. “Final HUD-1″ appears on the bottom left side of page 2 of the settlement statement, directly under the 1400 section.

See below for a screenshot: (click image to enlarge)

Samy back in action

admin — Sat, 06 Feb 2010 00:18:51 +0000

Samy is back from taking time to recover from a terrible ski accident up at Mt. Baker. She broke both arms and last week got both casts (her left arm was casted from wrist up to her shoulder) removed after about 6 weeks. While both arms and wrists are atrophied, they are regaining strength.

I guess we all know who her team is for the Super Bowl this weekend!

Our office is moving

admin — Wed, 06 Jan 2010 22:50:51 +0000

Hello friends,

It has been a whirlwind Holiday season with much going on and a last minute decision to move our office. We are relocating to an office near the Everett Costco. The office building is literally across the street from Silver Lake and Emory’s Restaurant (prior to it burning down, sadly).

Our new address as of Monday January 11th, 2010 is:
1910 – 120th Pl S.E, Suite 101, Everett, WA. 98208.

New phone (as of Monday, January 11th) and fax numbers:

425-337-7200 (phone)
425-337-7005 (fax)

You can always get a hold of us by leaving a voice message after hours on our cell phone at 425-344-1204 or e-mail at: info@legacyescrow.net

Please, use our cell phone ONLY if you HAVE to get a hold of escrow for business reasons that cannot wait during business hours and is truly of emergency in nature (ie, clients cannot make a previously scheduled after hours signing).

Loan Officer APB: Subordinating? Lender AVM’s may trip up LTV’s

admin — Thu, 19 Nov 2009 19:59:42 +0000

Received in a subordination from Bank of America which utilized their automated valuation program to calculate CLTV. Unfortunately, they are using the actual appraised value or the automated valuation program whichever comes in less. While this may not be new news, when the AVM is significantly less than the appraised value, well, the results can potentially trip up a loan.

Just keep this in mind.

How to find if a County has online records

admin — Tue, 17 Nov 2009 19:58:26 +0000

Best way to obtain recorded document history on a property

admin — Mon, 16 Nov 2009 22:48:30 +0000

This video tutorial is about how to obtain a more complete picture of recorded documents against a home that you may be interested in. We do this by searching by parcel ID vs. searching only for a specific document. This way you will not alienate potential recorded documents that may be of interest to you and paints a better picture of the ownership history of a home.

Update: Subordination Checklist for Bank of America

admin — Fri, 13 Nov 2009 20:42:08 +0000

Please see our post on lender subordinations. Bank of America subordination checklist has changed a bit, so it is updated today.

Nov. 24th: last signing day for Refinance

admin — Fri, 13 Nov 2009 18:15:54 +0000

November Refi closing schedule:

Last signing day is Tuesday,November 24th, for fundings on Nov. 30th. Borrower’s sign no later than November 24th for rescission period. Thanksgiving day does not count for rescission period nor does Sunday.

SNL Video Humor: Goldman Sachs and H1N1 Vaccinations

admin — Tue, 10 Nov 2009 00:51:49 +0000

Saturday Night Live humorous video, but also quite the statement.

Funding Conditions: humor is lost when it delays closings.

admin — Wed, 04 Nov 2009 19:04:06 +0000

Here are some recent “zingers.”

Borrowers signed on the line next to the one provided. (resulted in a re-sign)
Provide proof that the borrowers are not married.
Slight variance in borrower signature from others. (resulted in a re-sign)
Borrower to sign all doc’s in presence of a Notary (even those docs not requiring a Notary acknowledgment)
(Singe Borrower) Please amend Quit Claim Deed vesting from “John Smith, an unmarried man, to John Smith, an unmarried man as his sole and separate property.”

Unfortunately, there are many more. The result of these sometimes nutty funding conditions are that they can in fact delay funding’s along with other ramifications. When borrowers have to resign specific documents it requires having to track them down (sometimes borrowers are out of town or country) which can be difficult and highly inconvenient to all parties involved in a sale.