Here are few scenarios that may sound familiar for many in real estate:
You are at closing and the seller left a pool table in the basement, assuming the buyer wanted it.
The seller forgot to clean out the crawl space.
The buyer thought they wanted the seller to leave the hot tub, but changed their mind at the last minute.
These scenarios used to be a fairly easy fix in which the seller would offer a credit at closing and the buyer would take care of the removal. Unfortunately things have changed.
In 2016 changes to closing disclosure regulations put forth by Consumer Financial Protection Bureau (CFPB) ended buyer credits from being the simple solution to many of these problems. Now, when any amount of money is transferred from the seller to the buyer, lenders require an approved addendum to the master seller settlement statement that acknowledges a change in price.
Essentially, when a real estate agent identifies personal property left behind in the final days leading up to a closing, it is going to take time and effort to coordinate the removal. Hopefully there are a few days to coordinate the paperwork; if not, there is still a solution to removing the items from the house and keeping the closing on schedule.
A professional junk removal company is your solution. Simply send them a few photos and/or description of the items to be removed and they will email an invoice to you within minutes to be be included for payment on the seller side of the master settlement statement. This will circumvent the need for the lengthy addendum and underwriting approval process. Once approved, the junk removal company will have the items removed either before, during, or shortly after closing.
Identifying a junk removal company that is structured to be this responsive and reliable may be a challenge. From the “guys-with-a-pickup-truck” company to the national franchises, it may be hard to find someone who is reliable and quick to act. The key is to find a local company who is small enough to know your individual needs but large enough to handle same day service.
“It’s the efficiency on the day of the closing where Junk Relief distinguishes itself from others. For many real estate professionals, the process of having a contractor evaluate a project is avoided. Being able to to send a photo and get an invoice answers these questions within only a couple of minutes is incredibly valuable. So working with them is a great benefit at closing.” – Michael Mazek- Real Estate Attorney, MazekLaw.com
– Joe Weidman