Hud statement question
I am the buyer in a short sale and finally the HUD statement from the seller was sent today to the bank.
I know that the HUD statement includes a proximate closing date. Do I (as a buyer) have the right to know the closing date that the seller listed there?
Thank you.
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Kate - If it's a "preliminary" HUD it's only an estimated date. It might not be the actual closing date. Preliminary HUDs are sent to the short sale lender to show approximate costs and calculations based on closing a couple months out, normally. That's because tax and other pro-rations (like homeowners association charges) change. If it's the preliminary HUD, I would not be too concerned about seeing it. If it's the FINAL HUD after short sale approval, you definitely need to know. The short sale approval letter will state the closing deadline, too.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Kate - Wendy is absolutely correct - however - if you were MY client, as your agent, I would make sure I knew the date on the HUD was reasonably far enough in the future to be realistic. If the Listing Agent sent a HUD with a date 30 days from now, that's unrealistic. It should be at least 60 - 75 days in the future.
Good luck !
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Permalink Reply by RoJane Maybee on
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Of course !! Even if it is preliminary -- it is important that it be something that is going to be feasible by all parties!
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