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Asked by Jennifer Schryer, Sacramento, CA Mon Nov 17, 2008

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Answers

7
Wa Macdonald, , Pittsburgh, PA
Fri Feb 19, 2010
I created an online seller’s good faith estimate for Pennsylvania. It will also calculate in reverse, meaning, if the seller desires a higher net, the web page will recalculate the settlement costs to achieve that net. I would be happy to work with you on a seller cost estimate for California. You can contact me by way of the CONTACT tab.
0 votes
Ute Ferdig, Agent, Newcastle, CA
Mon Nov 17, 2008
Hello Belle. GFEs are for loan agents. Unless you are a loan agent, you don't prepare a GFE. Each GFE will be a little bit different as the fees loan agents and escrow/title companies charge vary. Perhaps, you are thinking about an estimated closing statement (aka HUD-1). That's usually prepared by the escrow company once there's an open escrow. If you are working with an agent, your agent will be happy to prepare an estimated closing statement for you as your agent has access to the necessary information needed to prepare the statement. Good luck to you.
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Ken Cook, , Atlanta, GA
Mon Nov 17, 2008
I agree with Scott and Derek and caution about Elizabeth's advice when your liability counts on it. There are a lot of variables in fees including bank fees, attorney fees, title fees, appraisal fees, recording fees, insurance fees, flood fees, lender fees ... it would be impossible to be more accurate than the lender. Lenders are not held responsible for *estimates* because that is what they are is estimates. I would recommend befriending a Loan Officer and asking them to prepare a generic GFE for you. Just remember no matter what they give you until they have an application and have reviewed it some of the numbers on the GFE are worthless. Not to mention the current GFE is only half of what needs to be shown. The rest is on the TIL.

Here is a somewhat tongue-in-cheek look at the new GFE
http://activerain.com/blogsview/786994/RESPA-Reform-For-Ever…

This also includes a link to the new GFE and new HUD1 which are required beginning1/1/10
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Scott Godzyk, Agent, Manchester, NH
Mon Nov 17, 2008
If you are doing it for own knowledge that is one thing but if you are doing it as part of a clocing for you or a buyer, the liability is huge. The buyers usually pays the attorney fees whether through a mortgage company or paying cash to prepare the hud. it is not the sellers responsibility to prepare it, but you will want to review it to make sure it is correct. Be careful if you are using it as part of closing.
Web Reference:  http://www.ScottSellsNH.com
0 votes
kimberly-hod…, , Nashville, TN
Mon Nov 17, 2008
I've made my own prelim HUD statement in Excel...I can email it to you if you want...

Kimberly Hodges
kimberly-hodges@comcast.net
Web Reference:  http://www.tennesseesmls.com
0 votes
Derek Joyner, , Winston Salem, NC
Mon Nov 17, 2008
Many banks will do this for you. You dont have to agree to use a bank for them to tell you what you can afford. Most banks will probably not tell you this. There is a thing called prequalify and preapproval. The prequalify means that they ask you questions and based on if you tell them the truth than you should be able to qualify for x amount of dollars. The preapproval means that you have started the process and are on your way to obtain a loan, all you need is the house. Ask for the prequalify. Most people walk into banks and say I need to talk to someone about a loan. When you sit and tell them you are curious to see how much you can afford. They start the preapproval process. They never offer you the prequalify. I would suggest you going with a mortgage broker anyway over a bank as well. Mortgage brokers work with many banks and can get you a better loan with a bank than if you just walked in the door of a bank and said I want a loan (even the bank that you are with). The banks cut there rates for the mortgage broker in hoping the broker will send them clients. So sometimes a third party is cheaper.
0 votes
Erin Stumpf…, Agent, Sacramento, CA
Mon Nov 17, 2008
Are you an agent? Chicago Title has a great tool called ChicagoAgent. It is an application that can run on your computer or PDA, and with it you can create estimated net sheets for sellers, estimated settlement statements for buyers, and a few other types of estimates...
Web Reference:  http://www.sacreblog.com
0 votes
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