Believe it or not, I’am still here working on the same deal with this foreclosure.
First thing was to fax the Bank a ARI form. So I did.
4 Days later, they tell me they can’t give me information because
it’s been given to the attorney’s office. Again I fax the attorneys office a ARI form and wait, they also tell me I need to send them a HUD1 statement. then they tell me they don’t have any information and they would have to call that Bank for the informations. So again,
I’m confuse. What is HUD1 forms used for: Wholesale or short sale or what? I’m hearing diffrent storys.
Where can I get that HUD1 Form? Without having to join a club.
Who determine’s when this form is used? (HUD1) or is it used all the time to settle deals.
A HUD1 is the primary settlement statement used to close purchase and refinance transactions. Have you closed a real estate transaction before?
A preliminary HUD is used to show the bank how much they are getting when you purchase the home. It’s a estimate in the the case of a short sale. If you pay $100k for the property, that does not mean the bank/owner will receive $100k as there can be tax proration, sellers fees, commissions, etc. involved. It’s basically to show the bank the amount they are going to receive.
Oh, okay that does make sence, So it does not matter what kind of deal it is? They just need to see numbers. That is interesting, The attorney office that is handling this case is asking for the HUD1 and yet they can’t give me any numbers because they don’t have any, They have to call that loan office for the numbers. I feel like I’m given the run arounds. They tell me it will take up to five days to give any numbers. And no I have never done a real estate transaction before. This is my first and what an experience so far.
That HUD1 sure looks busy.
Anyone know where I can get that form from and who can help me?
(can I ask this question?)