Don't Forget to Stop Automatic Bill Payments When Selling Your Home

By
Real Estate Agent with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

Don't Forget to Stop Automatic Bill Payments When Selling Your Home

In the age of automatic bill payments, it's easy to forget to turn them off.  When you sell your home, however, the last thing you want is an automatic payment going to a mortgage that has been paid off, or an HOA account that has been closed.  Yeah, you'll get your money back, but it may take a few weeks....and that's if you are lucky.  Ever sent a payment to a bank for a closed account.  I did once.  On a car loan that had been closed for years.  I had a credit card with the same bank and picked the wrong loan number when doing an online bill pay.  It took two months to get my money refunded.

So about a week before closing, when you are making final arrangement with the utility companies to turn off service to the residence you are selling, make sure to turn off those automatic bill payments to the mortgage and HOA.  That's something only you can handle.

And so there is no confusion in the future, like with my old car payment, delete closed accounts from your online bill payment center.  

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stopping automatic bill payments when selling your home
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Rainmaker
583,249
David Popoff
Realtor & Property Manager, Fairfield County, Ct.
DMK Real Estate & Property Mgmt

Automatic bill paying and e-billing are great green services that homeowners can use to lessen the waste of paper and energy.

July 30, 2012 11:03 AM
Rainmaker
970,050
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Chris Ann -- a great item to add to the sellers' checklist when selling(and obviously closing) their home.    

July 30, 2012 11:03 AM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

David:  They are super convenient and great ways to go green, but can be a pain in the butt when you've been on autopilot for so long you forget to turn them off and your money is going to pay bills you don't have to pay any longer.

Michael:  Absolutely.  Don't disable auto bill payments until closing is scheduled to happen.

July 30, 2012 11:08 AM
Rainmaker
1,048,647
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

Chris Ann this is a tip I needed to use myself and learned the hard way how hard it is to get the money back. Thanks for your comment on my blog, i do not use sarcasm much in my writing and look what happens when I do.... At least it spiced things up...

July 30, 2012 01:13 PM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Scott:  I am very sarcastic person and find that when I write a sarcastic post, I get the same response you did.  Just doesn't translate well in a blog post.

 

July 30, 2012 01:52 PM
Rainmaker
841,616
Will Hamm
Where There's a Will, There's a WAY!
Hamm Homes

Hey Chris Ann, I guess I never figure this out but you are right.  Great informtion from you, thanks.

July 30, 2012 02:16 PM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Will:  It's something that I always remember at the settlement table, but I really need to start alerting sellers before that.  

July 30, 2012 02:53 PM
Rainmaker
1,229,008
Michelle Gibson
REALTOR
Hansen Real Estate Group Inc.

Chris Ann - This is a great reminder for anyone who's moving and uses automatic bill pay like myself.

July 31, 2012 06:30 AM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Michelle:  I've seen a few clients forget and then panic when the money for the mortgage is automatically sucked out of their account.

July 31, 2012 08:07 AM
Rainmaker
1,195,087
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

It's especially good advice for those homesellers who might need to be delinquent to do a short sale. They forget to stop paying the bank because it's done automatically for them.

August 01, 2012 06:34 AM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Elizabeth:  That's right.

August 01, 2012 09:59 AM
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Chris Ann Cleland

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