Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on December 7, 2011 at 5:25pm

Not sure what you mean about having an 'approved HUD-1' prior to the Servicer presenting it to the investor.  Something sounds off there.  Have a Short Sale Approval/Demand Letter been provided?

Having said that, it shouldn't just as long as the #'s on the seller side on the HUD-1 haven't changed.

Permalink Reply by Richard Kirk on December 7, 2011 at 5:28pm

I agree with Kevin...that shouldn't matter to the investor as long as the seller numbers match up.

Permalink Reply by Jen Basnight on December 7, 2011 at 5:42pm

That's what I want to hear.  Thanks! 

Permalink Reply by Steele V. Propp on December 7, 2011 at 5:35pm

Just had this discussion with a lender.  The comment was that the prelim HUD is rarely 100% accurate to the final closing.  But if the numbers are off they better be an improvement for the lender as opposed to a bigger loss :>)

 

Most will require a final HUD 24-48 hours before closing so it all will come out soon.  As stated the lenders' bottom line is what counts.

 

Steele

Permalink Reply by Kevin - Greenville, SC on December 7, 2011 at 6:11pm

I concur.  And some Servicer(s) want copies of invoices for HOA fees, a tax bills etc. to see if they match up the with Pre-lim HUD-1.  

Permalink Reply by Jen Basnight on December 7, 2011 at 5:42pm

Hi Kevin,

We have made it through the "Promise" negotiator approval but the investor has not approved/provided the letter.  They asked for an addendum showing new offer price and no commissions.  The first page of the contract with the changes would not suffice.  We are hoping a full approval is not far after.  

I agree the buyers downpayment shouldn't matter so I am hoping it won't.  Often logic is not a party to short sales.  :)

Thanks for the feedback. 

Permalink Reply by Kevin - Greenville, SC on December 7, 2011 at 6:08pm

You don't really have an approval.  It just means the negotiator has submitted it to the investor because they think they 'may' approve.

Permalink Reply by brenda rogers on December 7, 2011 at 5:45pm

It does not matter at all to the short sale lender what the buyer is doing.  They do request proof of funds for large downpayments; however, as long as the buyer has proved the funds to you, it will not matter at all. 

Permalink Reply by Kevin - Greenville, SC on December 7, 2011 at 6:04pm

I respectfully disagree.  There are many case where the Servicer(s)/Investors care what goes where (i.e. buyer contributions to subordinate liens, etc.)