How do i generate a HUD-1 for ss packet??

Foreclosures, Short Sales, Tax Foreclosures
1

I recently submitted one of my first short sales and the lienholder requested a preliminary HUD-1…however, I am wondering how I am expected to generate a preliminary HUD-1 without opening escrow through a title company? Is there a way to create one myself? If so how do i learn how to do it? Do i need special software? Does it have to be exactly right? Any help with this issue would be greatly appreciated!

2

email me… I will send you a copy of HUD 1 sheet…

3

Thanks kamikazez but i already have one…my question is do the banks really expect me to fill one out myself to submit a short sale? if so how will i know what all the exact costs are like closing costs, etc… maybe they just one the fields filled out for the costs that i know for sure and the others left blank? just not sure how to handle this situation any input would be great…

4

Bebebe

I was just about to post on this same subject… could you post your response that you recieved. I also have to send in a HUD-1 for a ss package by tomorrow.

Thanks

LA

5

Hey everybody,

I’m new to the site and to short sales but in the same boat. I have a deal that I want to submit and am not sure where to get HUD1 sheet or how to fill it out. If anyone can advise I would really appreciate it. Is this something that the title company, or hard money lender can/should fill out or should I just fill complete with guesstimates for the sake of submission? Thanks in advance!

Mike

6

I just have the Title Company do it personally. They haven’t charged me for it.

7

thanks

8

thanks for the advice rgchamb…I called 4 title companies today to find out which of them was familiar with ,and comfortable with double closes; and to ask which one could help with a prelim HUD 1. three of them were familiar with double closing and two of them sent HUD1’s for my review. i decided to go with the company that took the time to answer my questions in best detail. They also said they would provide HUD’s for any subsequent offers that I need to present. No charge. Hope this helps anyone else. Best Regards…

Mike

9

You should establish a relationship with a Title company agent. This person can do a “free light search on title” and create hud1. This is important becuse you can be sure that home owner is telling all the liens he has on the home and you get professional hud1.

Most contracts in Texas require title company name and contact information. You can send your contract to title company and tell him/her that based on this contract tell me what lien holder will get.

There are forms availble but at this point you will need title company to close anyway, so might as well build a relationship with them.

Hope this helps.
DFW

10

Remember this is an estimated HUD, not the closing HUD. I learned about a program called quik close pro which generates a HUD. States across the page its preliminary which is perfect for me. Its downloadable, costs about 300 i think to upgrade.
steve