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Don't know how to estimate PITI? Closing Costs? Copping out by deferring estimates to escrow officer?

By Pacita Dimacali

Real Estate Agent with Alain Pinel BRE 01367196

June 15, 2009 10:04 AM

Typically, we copped out by referring clients to our lenders and to our escrow managers. Or we say "Let me work out some figures and I'll get back with you."

We never have the answers on the spot. Well, with Fidelity Agent, we can! Info on Fidelity Agent is not on every Fidelity Title Company site, but here's a link to Fidelity Agent comparisons to other calculation programs.

After raving about using Fidelity Agent (or Palm Agent as it is sometimes known), here's info that you may want to check out.

What is it, and how does it work?

Here's a nice video that will give you a really good idea of how it works, and how you can use it in different scenarios.

http://pc3.fntg.com/UploadedDocuments/demos/fidelityagent/index.html

How to contact Fidelity Agent

The best way for an agent to acquire Fidelity Agent is to contact their Fidelity Title Representative for installation and training of the software.

Corporate 757-271-1287
  Toll free 1-866-629-5091
  FidelityAgent Inc.
  639 N Coalter Street
  Staunton, VA 24401.

Or email support@FidelityAgent.com

iPhone/iTouch Installation Instructions

It is now readily available through Apple's App Store, see the ‘how to' for more info on that.) it has to be downloaded directly from the App Store for $6.99.

To clarify: If you have an i-Phone and you also want Fidelity Agent on your laptop or desktop you will need to pay the $6.99 through the App Store and the $27.00 for the laptop or desktop load. Keep in mind you have TWO loads coming to you for the $27.00 so you could also install it on your home office computer or secondary laptop, etc.

Locate the "App Store" icon on the iPhone/iTouch device, and click on it
Tap on the "Search" function at the bottom of the screen, and begin typing. Various programs will be displayed as you type. Remember that the name of the program is Fidelity Agent, and it will come up for different states.
Select the appropriate version of the software for your state
Verify the correct state is selected, and tap on the Application

First Time Buyers need CMA and PITI calculations ---and good photos for a good first impression

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Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I always prepare a buyers closing cost estimate for them when they make an offer on a house.

Jun 15, 2009 10:30 AM

Bob "RealMan" Timm

Minot, ND

TIM MONCRIEF

Tim Monciref - Austin, TX

Over 2,000 homes sold…..

That is a very good idea. In the past I could not call it copping out, but derring to the party that can answer the question the best. Over the years, I have learned to deligate to those who know better and pretend that I know everything. I am like a family physician and my patient breaks his foot. I am not going to tell him how it will be fixed. Now that you have another source, that is wonderful. We have actually been doing a fiduciary responsibility by doing what is right for our client.

Jun 15, 2009 10:32 AM

Lisa Wetzel

RE/MAX Realty Affiliates - Carson City, NV

CDPE, SFR carsonvalleyland.com

Pacita - I love my escrow officers but I don't count on them completely. Too many mistakes, they are human too. I always do my own figuring then compare to them. Too easy to be too busy or too tired! Check and double check!

Jun 15, 2009 12:50 PM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Gita -- I think most of us (I hope, anyway) do give closing estimates. But the beauty of this program is that we can do this very quickly, We can pull up the info on the smartphone at a flick of a wrist, no sweat. I can do multiple calculations in a fraction of the time it takes me to do it another way.

Tim -- deferring to the experts is always good. I preface these calculations by telling my clients that these are estimates but they're good enough at first review just to get an idea of what to expect.

Lisa -- this is merely another tool in our arsenal. In this lightning-speed world of ours where technology rules, we can't just stay with the old program. Gotta get on with the new!

Thanks, everyone!

Jun 15, 2009 01:05 PM

Carol Lee

Dilbeck Real Estate - Oak Park, CA

Realtor - Agoura, Oak Park, Westlake CA Homes

Pacita- Sounds like a good program, but as the escrow agents are the one with the charges, I would rather it come from them!!

Jun 15, 2009 04:22 PM

Carol

This is not intended to replace what escrow officers put together, but merely an overview of what it may cost. Sometimes, being fleet of foot and ready with the answers go a long way. I don't know that each time I have a buyer who is contemplating writing an offer, that an escrow officer would be available to give me an estimate, each and every time.

It's an estimate, not the final statement.

And...does it make a difference knowing that it's a title company, Fidelity National Title, who introduced me to this program?

Jun 15, 2009 04:29 PM

Lori Churchill Cofer

Beasley Realty - Pullman, WA

Realtor - 509-330-0086 - Pullman, WA

Pacita,

I think this is a great tool that would be most helpful. As you said, it is designed to give an estimate....thanks...I will be checking into this...

Jun 16, 2009 01:46 AM

Lori --- I love my Fidelity Agent. It's a truly credible tool. Although not the final estimate, nonetheless, it gives my clients a really good idea of what to expect. Hope you find it useful. Watch the video and you'll see how easy it is to use.

Jun 16, 2009 11:02 AM

Don't know how to estimate PITI? Closing Costs? Copping out by deferring estimates to escrow officer?

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