I am working on my first short sale deal.
We got the approval, was instructed to upload a certified HUD-1 3 days before closing?
I wonder who will prepare this HUD-1. Does it need to include buyer's loan information, just like the final HUD-1 in a normal sale? Do both buyers and owners need to sign and certify the HUD-1? How to do the certification?
The buyer's bank has problem providing the numbers for the HUD-1 5 days before closing. Not sure how we can push the bank to provide such numbers.
Thanks for any of your help!
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Thanks, Denise!
But in the approval letter, it said that the HUD-1 should be uploaded 3 days before closing for approval. The closing date is Aug 2nd. Do we need to upload the final HUD-1 before July 28th?
Can we wait after the closing for the closer to give us the numbers?
Thanks Denise,
Could you give me more detailed instruction?
Both the attornies and agents don't have experiences with short sale. The closing attorney doesn't disclose the tilte company yet. I am concerning if we are going to mess up with the HUD-1. The deal has been with Bank of america for about 1 year, and have messed up with equator several times.
Appreciate your help!
The HUD needs to be as close as possible to the one that was approved. This is actually not the FINA HUD...but they should be able to have nearly exact numbers at this point (based on the estimated closing date). Once this is approved, and escrow closes, then the agent must upload a certified final HUD. Usually the preparer can stamp the final HUD (at least they can in California).
Do you mean that there are two steps? the first step is to have one HUD that has approximate numbers to the final number for the bank to approve, which is required to be uploaded to equator 3 days before closing; the second step is to have the final HUD for closing, certify it and upload the final HUD. Does that one has some deadline? Can we upload it after closing? Thanks very much!
Laura Marshall said:The HUD needs to be as close as possible to the one that was approved. This is actually not the FINA HUD...but they should be able to have nearly exact numbers at this point (based on the estimated closing date). Once this is approved, and escrow closes, then the agent must upload a certified final HUD. Usually the preparer can stamp the final HUD (at least they can in California).
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