I’m in the middle of doing my first short-sale and the bank is asking for a HUD-1 or Net Sheet. I was told that I needed to get the appraisal done and the bank to give me a approval before I can get the HUD-1 or Net Sheet. Is that true, and if so what will happen if the appraisal comes in a lot higher then my asking price? This deal is in CT.
The banks want a new HUD 1 every time you submit any offer! You just have to keep changing it each time. You need to be at your BPO/Appraisal to get the kind of price you need by pointing out all that’s wrong and handing them a estimated repair cost from your contractor.