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Top 3 reasons to save your copies of your real estate transaction

By
Real Estate Agent with At Home Real Estate Group

Dear Christina,stacks of paperwork
I'm just writing to ask you, if you are keeping any of the paperwork from our files on the house so i can delete the ones i have in my email box. If so can you let me know. All of the counter offers and offers take up too much time to print out and we also got an email from b of a about the denial of our last request sent to us on the XX/XX/2010. The bank fixed up the house and it looks really nice. they also left the grapevines and the japanese maple too, i'm happy for that. anyways give me a call and let me know or email me. ( i started a file box (huge) with all the papers for the house when we started along with the papers for the loan modification in case i need them)
Thank you,
Your client
 
You should keep a copy of your paperwork too.  I normally save paperwork from every file.  3 years is the standard, but if I suspect there may be any issues later in the world, I save them 10 years to forever (some I still haven't got rid of). 
 
Top 3 reasons that make you glad you saved paperwork

  • Your past lender sends you a bill & says you owe them money from an approved short sale that closed with no deficiency agreement in it.  Now you can pull out your Short Sale Approval & fax/email & mail it to them and say, "No thank you."

  • You need to file your IRS annual tax return.  Look for the papers (normally very long sheets 8 by 14) that are labeled HUD-1.  There should be some type of official stamp that says this is final or possibly a signature from your title person too.  When in doubt, call your title company & ask them to email you an official final copy for your taxes.                                                     
  • The people that bought your house contacted you thru their realtor to say, "You never told me xxxxxxxxxxxxxxxxxxxxxxxxx, I can't believe you didn't tell us."  Now you go to your handy dandy box of paperwork & pull out those million disclosures (Transfer Disclosure Statement...TDS specifically).  Notice how you did tell them xxxxxxxxxxxxxxxxxxxxxx, & all you will need to do is officially send them (thru your own realtor) a copy of where you actually disclosed xxxxxxxxxxxxxxxxxx it to them (the buyer signed it, so they did see it).  whew
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If you are thinking of buying or selling a house in Tracy, Ripon, Manteca, Mountain House, Stockton, Modesto, Lathrop or Salida, call me at 209-321-6122 or email christina@christinaoneal.com

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Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.

Federal Government Disclaimer (MARS):
1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Christina ONeal of At Home Real Estate Group is not associated with the government, and our service is not approved by the government or your lender; and
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Robert Slick
Beach and River Homes - Georgetown, SC
NRBA, RDCPro, Trident/CCAR MLS

It may not be pretty, but believe me I have the paperwork. Keeping good records is a good practice for everyone.

Dec 23, 2010 03:38 AM
Diana Purcell
HomeSmart - Mesa, AZ
Delivering Dreams One Home at a Time

Good points. I have BOXES of paperwork in the garage and my office. I will be glad for the day when I can purge some of it!

Dec 23, 2010 03:43 AM
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I enjoyed your post.  Good luck in all your ventures

Dec 23, 2010 03:48 AM
Andres Munar
Keystone Alliance Mortgage - State College, PA
Experience The Difference

Paper trails are so important in this industry!

Dec 23, 2010 03:49 AM
Jerry Cecil
Bloomtree Realty - Prescott, AZ

PAPER TRAILS AND E-MAILS AND PHONE CONVERSATIONS IF YOU CAN.  KEEP IT ALL

Dec 23, 2010 04:39 AM
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California

Robert... You are so right, probably in anything important :)

Diana... I can't wait to have a shredding party myself :)

Rose Mary... Thank you & Good luck to you too!

Andres... Amen to paper trails :)

Jerry... emails have definitely evolved to be in our papertrail.  I remember when not all agents had email (like 11 years ago when I started).

Dec 23, 2010 05:13 AM
Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

Tina - May I suggest that in the case of a short sale - you list (and keep the list) all the "personal files" and return the documents to your client at the end of the transction and have them sign the list as a receipt.  Keeping things with sensitive information that is not specifically related to the actual real estate transaction (i.e., bank statements, pay stubs, tax returns) may place your client at future risk ... if your real esate file is called into court.  Check with your broker for guidance, but my practice is to put all of those "files" in the closing package I deliver to the seller ...

 

Dec 23, 2010 10:02 AM
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California

Jack... You have a really good point.  I really hate having all those sensitive documents.  I will absolutely ask for guidance from my broker...."SUSAN!!!! Help :)  look at Jacks response & guide me, oh ok...I will call her too :)  Have a Merry Christmas Jack.  Thank you for your guidance too!!! I appreciate your wisdom.

Dec 24, 2010 04:22 AM
Larry Atkins
State Wide Realty Co. - Farmville, VA
Veteran Owned & Operated

Christina - This is excellent advice. I have found as soon as you throw paperwork away....somebody calls needing it.

Dec 26, 2010 11:07 AM
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California

That is so true Larry.  Glad we agree :)

Dec 26, 2010 11:25 AM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

These are all great reasons to keep records like this. That is one thing I worry about with FSBO sellers, they don't have a Realtor to help make sure all the T's are crossed and i's are dotted. What this leads to is a lot of sellers being sued later and in court their only defense usual is "We didn't know" and that doesn't help in a court.

Dec 26, 2010 04:51 PM
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California

Todd... You are so right.  "We didn't know" just doesn't work in our country.  This posts was a copy of an email question I received from a short sale seller that never went through.  I still save copies of everything (you never know).

Dec 27, 2010 04:18 AM
Kenneth Cole
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson

All good reasons.  Thanks for the reminders.  Happy New Year.  Looks like 500 server error is fixed.  Thanks for the comment.

Jan 04, 2011 07:14 AM
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California

Kenneth... Whew, so glad that 500 server error is fixed. (not fun).  Thanks for stopping by too :)

Jan 04, 2011 08:55 AM