Seems like certain problems crop-up in bunches within my mortgage transactions. Right now the issue that runs across my desk frustratingly often is incorrect PIN (tax) numbers on my Borrowers' real estate contracts. There's just been a rash of them.
Now I know that a PIN number sounds like a little "boo-boo" easily corrected ... no big deal. But these days? Nothing pertaining to a real estate contract or within the framework of the mortgage process is easily or quickly changed or corrected. Documentation is KING and rules within today's transactions and processes.
To more easily understand why this seemingly small blooper can cause such a big fuss, you must consider all the documentation that contains tax information and PINs upon it. And then think about the huge rippling effect of this one minor mistake.
Unfortunately, in today's environment, just saying an error was made on a legal or financial document isn't good enough anymore. Initialing the corrections isn't enough. Documentation must first prove the error made ... then also prove the corrected PIN.
Yes, corrections can be made. But there are 5 reasons to check tax PINs prior to the signing of real estate contracts:
- Corrections are a multi-step process
- Corrections eat-up valuable time
- Corrections cause frustration for your clients and the other professionals within your transaction
- Corrections cause extra paperwork
- Corrections can cause delays of Closing dates
All the above should and can be easily avoided ...
Verifying the validity and correctness of a PIN (tax) number for the property being transacted is important PRIOR to its addition to the real estate contract is increasingly important in a myriad of ways. I provide this helpful and timely advice:
Whether Listing or Buying Agent, prior to your clients signing the contract ...check the PIN number associated with your real estate transaction. Make sure it's 100% correct as shown on that contract.
The easiest way to ensure correctness is to get a copy of the actual TAX BILL or Local Assessment Notice with the PIN number clearly identified on the documents. It will make for one less issue that can arise to slow your transaction down ...
* Hoping to Buy, Construct, or Refinance a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in the Chicago area? Contact Me today for your FREE Mortgage Quote and consultation. I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
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