I am a newbie and I am looking for some helpful information on how to fill out a HUD 1 or preliminary net sheet. I NEED HELP! :
Make friends with an investor-friendly title company and they can help you through all your ventures - it is nice to have a title company on your side.
I have a template HUD-1 built in Excel that I can share with you if you wish. Someone on this board was nice enough to share it with me a while ago, but I cannot remember to whom to give proper credit.
Good morning,
Can you email me a copy of the HUD1 sheet? I have a relationship with the title but, sometimes they take forever to get me a HUD1 and I would like to have the ability to create one and get the short sale packet submitted.
Thanks in advance
Nicole
I need information on how get get a net sheet filled out.
Where to find one.
Again, talk to a title company/attorney. You will eventually need one anyways. They should be willing to help since you are giving them business. If not a title pro, a mortgage broker should be able to help.
Not sure where you get your funds, but if you have a lender have them assist you, there usually eager to help.
Question. Do you know how to do a net sheet? If so, add in the correct numbers to show how much you want the bank to get, what fee’s are taken out of that total amount, and how much you take. It’s very simple. Don’t think to hard about it. Fill out just the lines that you need to show what charges and net amounts, and purchase prices each person will recieve. That’s it! Make sure everything matches up
Thank you everyone for your support! ;D I called the title company and everyone was more than happy to help out!!! It is true the mortgage company and title company are there to help you every step of the way!
Good to hear you’ve received the help you needed. Just as a note; after submitting hundreds of short sale packages I’ve never needed to submit a preliminary HUD-1. I’ve always used a simple net sheet during contract negotiations right up to acceptance. Then the title company would prepare the HUD-1 for final approval just prior to closing. If anyone’s interested in seeing the NET sheet I use, you can download it at my web site. As I said, it’s fairly simple.
While it is sometimes not required to submit HUD-1 as part of a short sale package, does it make sense to include it anyway?
My thinking is that the more information you give to the bank, the smoother thier decision-making will go. Is that generally true?
By the way, I am just starting and putting several short sale together (hoping to get them out by the end of next week).
Hey Mike, guess you don’t work with Chase anymore? They need one now