3 Quick SS Questions
OK, let me try this in digestable bites... 
1) The 'no less than 82% of BPO' relates to the total purchase amount (as stated on contract) including everything OR just the payoff for the first mortgage?
2) Does the homeowner have to sign the preominary HUD?
(I imagine no, since everybody invooved knows that this is not 'the final word.')
3) Transfer tax (1.4% here in NY):
Usually paid by seller, however in Jeff Kaller's or Lou Brown's doc, they accounted for it at the buyer's expense...
Is that b/c the lender would get mad for any additional expenses you try to make them pay?
Is it ok or a nono to put them on the seller's side on the HUD?
Thank you in advance!
Short Sale Pro: I like your Primer. Well done!
Falk
1) The 'no less than 82% of BPO' relates to the total purchase amount (as stated on contract) including everything OR just the payoff for the first mortgage?
When attempting a ss on an FHA insured loan, their net recovery must be equal to, or greater than 82% of the confirmed, as-is, fair market value.
2) Does the homeowner have to sign the preominary HUD?
(I imagine no, since everybody invooved knows that this is not 'the final word.')
I've never had an estimated HUD1 returned for signatures.... the final HUD1, of course, would have to be signed.
3) Transfer tax (1.4% here in NY):
Usually paid by seller, however in Jeff Kaller's or Lou Brown's doc, they accounted for it at the buyer's expense...
Is that b/c the lender would get mad for any additional expenses you try to make them pay? Is it ok or a nono to put them on the seller's side on the HUD?
If it's customary in your jurisdiction for the transfer tax to be the Seller's responsibility, then list it as such. However, it may jeopardize the FHA criteria.