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

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Real Estate Broker 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.  

Posted by

Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155.  To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.  Or you can visit her website:  www.nvarealestate.net.

Header photos taken by Chris Ann Cleland.

The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.

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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
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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
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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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