Puget Sound Properties & Lifestyle

  3 Things That Will Ruin Your Scheduled Home Closing Closing on a home is an exciting milestone, but it can quickly become a nightmare if certain pitfalls are not avoided. To ensure a smooth and timely closing, you should be aware of these three critical issues that can derail the process: depositing closing funds at the last minute, missing a bank wire deadline, and accepting fraudulent instructions. 1. Depositing Closing Funds Last Minute One of the most significant mistakes you can make is waiting until the last minute to deposit or transfer your closing funds. Closing funds typically include the down payment and other associated costs, and these funds need to be cleared and verified by the bank before the closing can proceed. Oftentimes, people will leave funds in an investment account or 401K, and not do the appropriate homework on when and how those funds can be transferred and released. Why It Matters:  Banks often have specific hold times for large deposits, especiall...

  3 Simple Takeaways You Should Know…from the National Association of Realtors Settlement I have been a full-time broker for more than 15 years, and though my primary role is facilitating the sale of real estate, I also educate consumers on best practice and updates that affect you. Though the information below is relevant to all states, I’m specifically speaking to my home state of Washington.   The Association (NAR) has reached a proposed settlement with the plaintiffs in the case brought against NAR, but it is not yet finalized and could change. For consumers, the settlement creates added transparency around brokerage compensation and how brokerages are paid. Traditionally, in real estate, the seller has the responsibility to compensate both the listing and the buyers brokerage. The buyers financial responsibility traditionally has been downpayment, closing costs and appraisals and inspections. That could now change.   The first change, which was already signed into la...