Doing A Short Of Sale, First One, Need Help From Here.
Ok, here is what I got so far. The buyer is buying this house from his cousin so the buyer is ok with about anything. He is basicallly going to live in the house and rent out his current house to them because it is a very small house and the rent would be way lower than the house payments. I am just wondering what information I need from here. I have a HUD done now, and the appriased amount was 115,000. I am not possitive on how much is owed on the house. I need to find that out. I have a number to fax the HUD to homecomings financial. The seller used to be a mortgage broker until about a month ago so she seems to think this person she already contacted will approve the short of sale. My question is did I do this right up to this point. On the purchase agreement they wrote it up for the seller to pay all closing costs. I put for the purchase price to be what the appraisal came in at 115.000. I dont know what to do from here to not sound stupid or screw this up. I know the house is either in forclosure or really close. Like I said, the seller and buyer are flexible and will do anything to get this done. What should I do from here. And on the HUD, is there ways to manipulate it so the seller doesnt have to pay at closing all those closing costs, and the buyer also, or at least minimal as possible. Please help. I just found this site and it looks great. If I can get some good quick help on this, I will be telling everyone in our office about it.
if you raise your interest rate, the money the lender gets back could help cover it.