90 day listing & Preliminary HUD

Im in NY the bank told me as part of the Short Sale packet that I MUST have a preliminary HUD and the propety HAS to be listed for 90 days. Is it a way around the 90 listinng, and who does the preliminary HUD, b/c my lawyers says he doesnt do preliminary HUDs. (By the way he wants to charge me 10,000). Can anyone shine a light on this for me.

Hey Hansley, you have 54 posts here and don’t know the answer to this question? Really?

Seems to me that YOU do the prelimary HUD, if you’re going to work SS’s. It’s a spreadsheet and fairly straighforward. I think you can find them for free, but here is one that is likely very professional, for only 29 bucks. http://www.hud1generator.com/

As for the listing – yes, list it for 180 days, unless you want to purchase it yourself, then it could be for 90 days. Either way, at least 90. The bank will pay a commission, from 5-6%, usually, unless you’re a Licensed agent buying it for your own portfolio. If that is the case, they’ll only allow a commission on one side. Send me a personal email if you have trouble finding HUD software.


I have like 600 posts and have to say I am dumber then dirt at times. Hell I have over two hunderd deals a year and still find it necessary to ask questions…

The only way we learn is by asking…

As for a HUD 1 PROGRAM here http://www.michaelquarles.com/hud1.pdf

I wasn’t trying to be a smart a**. I just thought this was a bit of a rhetorical question but pointed Mr. Hansley to a good resource. I was just surprised.

Hopefully I didn’t offend!

lol Obiwan1250 u did not offend, i understood, and thank u for the info.
MichealQuarles, thank u for your input as well.

Thanks for the valuable answer. Still I don’t get when it’s 180 days. Nick Brian

“Still I don’t get when it’s 180 days”.

Come again? You don’t get what?

I must apologize for my rambling in my previous post.

There are no ways of getting around the property being listed for the number of days the bank is requesting. They will demand a print out of the MLS report to substantiate the timeframe. Find a realtor and have him/her list the property and wait out the time frame then resubmit your offer to the bank. They must place the property as offer received and is being reveiwed so that potential buyers know that there is an offer on the table, or the agent is bound by law to submit that offer to the seller also. You may have to teach the realtor on your process for clarity. You should still submit your offer, sometimes it takes the bank that long to begin working on your file.


Thanks merealtor, but I must ask, the Purchase and sales agreement price that I have with my seller and what I want to list the property for will be different because obviously I want to make a profit; Number 1 if the spread between the two prices is immense will that anger the bank, and can they object to it. Number 2 how would you handle this situation; because in my case the seller doent care eaht the price of the house is, he just wants out with good credit.

You must disclose to the sellers lender that you intend on selleing this property, if not the end buyer may have dificulty getting title insurance on the property. Most title companies in my area are requiring this disclosure on the purchase agreement used for the shortsale. You must also tell the seller that you intend on selling the property for a profit. In essence let everyone in on the process.

Investors I have worked with in the past have contracted with the sellers and then list the property for sale with me at the intended higher price they hope to sell it for.

You must take ocntrol of your transaction or find a realtor you can work cohesively with.

You never have to disclose intention to anyone unless you have an agency relationship… You never have it with the seller, you certainly dont with the lender… You dont with the buyer nor with the buyers lender… Certainly it makes sense to disclose to the seller that you intend to resell for profit however it is not a requirement.

I use this in my purchase agreement…

XV. RESELL: Seller authorizes the Buyer to enter into a sales agreement to resell the property during this escrow period. Seller is aware that Buyer intends on reselling the property for a HUGE PROFIT. All profits made by Buyer during this transaction relating to the reselling of the property are the sole interest of and solely owned by the Buyer.

As for title… give me a friggin break…

Keep in mind there is a way around the 90 day listing rule as well… Tell them it was a FSBO (For sale by owner) for 89 days then they listed with a Realtor if they question this tell them it is legal to sell your house yourself in all 50 States. And the owner tried that first. They will not question this generally!