The Joys of Closing in Cabot Arkansas
I had some home buyers that were closing on their home today. They were excited and I was excited, I enjoying helping people make one of the biggest decisions of their lives. This closing was unique though. The buyers were buying a foreclosure home. The bank that owned the home was located out of state and they wanted to use a title company that was out of state also.
When I heard the news about the title company not being located in Cabot or even Arkansas I became a little concerned. Title companies in Cabot know the taxes of the town they are good with the fees they charge and do not try to make up fees to get money from the buyers. Even a company in Arkansas is familiar with Arkansas laws and I feel more comfortable closing with them.
Normally I am able to get the final closing statement at least one day before closing. This gives me time to review the statement and make sure there are no excessive charges. Well for this closing I did not see the closing statement until right before closing. As I began to look over the statement I noticed that there were several charges that had been applied to my buyers side of the transaction.
In Arkansas buyers and sellers spli the cost of revenue stamps. Since the closing company was out of state they did not know the Arkansas laws. They had my buyers paying an extra $300 for revenue stamps that the sellers are required to pay.
The lender we used was also out of state. This was not my choice either. The buyers had already been pre approved for a loan before they cam to me. The lender threw in an extra $500 that should not have been charged. I called the lender and asked what the deal was with the charges and they mentioned that it must have been a mistake. They did not even see it. So they took it off.
There were also about three other items that were specified within the contract that the title company did not have in the closing statements. I had to call them four times to get everything cleared up.
The moral to the story is, it is better to use a title company, and a lender in Cabot Arkansas if you are buying a home in Cabot Arkansas.
Email me or call me and I will help you find companies that are located in Cabot and will not try to take advantage of you.
Good Day