Hello everyone…
I’m in the process of submitting a short sale package to EMC. I have most of the documents needed…Having trouble with the HUD 1.
Can anyone help me out with this…I need someone to explain in detail all the numbers needed here. I am using an option contract for the A-B transaction.
Thanks!
What kind of trouble are you having with the HUD-1? A HUD is a fairly straight forward document, listing costs for the Seller and Buyer. If you’re a REALTOR, you could find an old HUD and just substitute the numbers for your deal vs. a previously completed deal. Do you have a HUD generating piece of software installed on your 'puter?
The option contract is simply a line item on the HUD, however, which is like an assignment fee if you were a wholesaler. But you wouldn’t put it on the A-B transaction. It would be on the B-C deal.
Do you have an offer that has been accepted by the seller? Are you orchestrating both an A-B and B-C deal?
If you’d like to hand this off to someone to do the negotiations with the Bank, send me a private email and we’ll work out a split.
I’ll be curious to see if there are more responses to your question…