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:
selling price: 400k
lender1 payoff 415k
lender2 settlement 10k
estimated closing costs:
reconvayance deed: 900
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.
Try using a HUD-1 instead. There is a great site that could help if you are not sure how to complete it. www.easyhud.com.
Thanks for the input SoCals, but as I said on my original post. HUDs are more complicated. I went to the website you recommended and they charge $27/month?? EasyHud should be called HardHud for people such as myself.
I just don’t know what all the mystery is all about these net sheets. Can someone confirm if the one I made up is crap or am I close to it??
Whenever I am putting together my short sale package, I have my title company prepare the HUD-1. If you have a relationship with a company, they should be able to do that for you at no cost. Give them your purchase price, property address, seller and buyer information and they should be able to do the research quickly on taxes that are due and put them on the HUD for you.
HUDs are complicated, but it gives an appearance that you are ready to close on the property.