August 2019 Mortgage Market Share Report

September 26, 2019

Summer is {{technically}} over. Fall is beginning. And paying the November 10th installment of property taxes is right around the corner. Below is a recap I wrote a few years ago about how closings are prepared at this time of year.

As we approach the due date, lenders require that the November 10th installment of real estate taxes be paid at closing. If the seller is currently escrowing taxes and the closing takes place shortly before the 10th, we are not always able to confirm payment. This usually occurs because the lender’s payment from escrow is in transit and unable to be verified with the Monroe County treasurer. In these situations, we will hold in escrow from the seller an amount equal to the tax payment plus ten percent. Post-closing, if we confirm that the payment was made on time, we’ll refund the escrow to the seller. If the payment was not made, we’ll pay the taxes due plus the penalty from the escrow.
While the process is less convoluted than in the spring, there is still a bit of uncertainty that we want our clients to understand.

In August, we helped 469 people buy, sell or refinance their homes. That makes over 3000 people we’ve helped so far in 2019. Our closing team completed seller side closing statements two or more days prior to closing for 92% of our transactions and averaged 4.1 days prior to closing. Our title team produced new title commitments on Monroe County properties in five or fewer days for 61% of our transactions and averaged 5.8 days.

Thank you for the continued opportunity to help you and your clients. Enjoy the fall season!

~ John Bethell