A quick tip when selling your home.

Did you know that if you are selling your home and your loan is an FHA loan secured on or before August 2, 1985 you have to give at at least 1 full calendar month written notice of payoff to the lender to avoid an additional charge of 30 days of interest?

This is something that is in many listing agreements. It is generally found in the paragraph that talks about loan information. In the standard Omaha Area Board of Realtors Listing Contract it is found in paragraph 24.

24. RELEASE OF LOAN INFORMATION ... "If the Sellers loan is an FHA loan secured on or before August 2, 1985, Seller understands that Seller must give written notice of payoff to their lender at least one full calendar month prior to actually paying off the loan to avoid lender charging an an additional 30 days of interest."

This particular provision may not apply to many sellers. However, when selling your home it is important to READ the listing contract. In fact, agents are required by state law to provide you a copy of the signed listing contract.

If you are considering hiring an agent, ask the agent to SEND you a copy of the listing agreement BEFORE you meet with them so you fully understand the terms of the contract.

Thanks,

David Matney, CRS, GRI, e-Pro

Alliance Real Estate

Omaha Real Estate | Search for Omaha Homes for Sale

(402) 490-6771)