Anonymous wrote:I have found that it is worthwhile to spend a few hundred dollars to have a real estate lawyer review my documentation. Especially in our last purchase where we were buying from the builder and were required to use the builder's mortgage and closing company, I hired a person that was recommended by my wife's office HR department (they have a list of vetted vendors that they recommend to employees). For $650, he reviewed the HUD1, had a one hour session (actually ran 90 minutes, but he charged a flat fee for the package) where he reviewed the numbers on the HUD1 and pre-closing paperwork with us to make sure that what we expected and what was on the paperwork agreed. He also attended closing, reviewed every document that was handed to us, to make sure it still met our expectations and that nothing had changed. He found a major error on the paperwork that would have cost us close to $3000. The closing company had to redo all the paperwork and closing was canceled. It was reset for the next day. However, we had taken the day off from work. So I protested and with my lawyer's help, they also reimbursed both of us for our time (estimated 4 hours each at approximately our salaried rate) so that we got a check back from the mortgage company (since we couldn't change the amount of the cashier's check we used to pay closing costs) the next day. The lawyer also came back the next day and did not charge us extra since it was part of the flat rate. So, I spent $650 and saved $3000, not including the reimbursed wages lost. Well worth it to me. I have to say that just the peace of mind of knowing that someone who understands all of the paperwork helped watch over our closing means that I don't fret after the fact about any detail in the closing that escaped me that I'll be responsible for later (there were several issues that worried me after the purchase of my first home).

Anonymous wrote:We just closed on yet another refi. Get the HUD-1 early so you can review it and make sure you understand it. I got the mortgage co. not to charge anything but the tax service fee when applying and there front and center was a $680 fee for loan processing! Got a refund for that agreed to before the closing. Titlte insurance is a huge racket in my opinion. Next time - if we ever do this again - i will negotiate on that. Even the re-up fee is ridiculous. It was clear on the settlement hud-1 that there was a big kickback to the settlement company on this. good luck.

Anonymous wrote:The day before closing last year, the detailed survey revealed that our neighbors had unwittingly encroached on our land and fenced it in their yard. Just a few feet deep the length of the back yard, but where I live the encroachment represented $5,000 of land value.

So DH called the closing attorney and said we would not sign unless this was rectified. The attorney spoke with the seller, the seller told the neighbor on the morning of the closing that the house would not sell if he did not move the fence, and the kindly neighbor moved the fence that very day! We closed on time and have remained on good terms with the neighbors.

Part of it is that this seller was not well liked by the neighborhood and the neighbors probably made a special effort to make the sale happen!

Anonymous wrote:We are closing on a house right after Christmas, and I was curious if anyone had any horror stories to share, or tips for a smooth closing, or just advice on how to take it. We're first time homebuyers, so appreciate any sage wisdom you can pass on!
TIA and happy holidays!