would someone please check to see if this is correct:
scenario: lender 1 is owed 400k; lender2 is owed100k.
value of property is 500k; short sale offer is 400k;
say homeowner is behind 15,000, and $10,000 in taxes
can i send lender1 following net sheet:
NET SHEET
selling price: 400k
lender1 payoff 415k
lender2 settlement 10k
estimated closing costs:
escrow: 1200
title: 1200
reconvayance deed: 900
tax: 10000
total closing costs: 13,300
net proceeds to lender1= 386,700
does this look right?
should I have included the 10,000 taxes here or are these paid by lender?
the escrow, title fees are for the sellers’,
what if I ask for help for buyer’s closing costs?
should I include the buyers closing costs here too?
please critique net sheet and include ways to improve. I would rather send a net sheet than a HUD. I feel HUD is too complicated. Net sheet is more simple.