Escrow??
Okay Im back......
trying my first short sale here and I need some info!
Owner has two mortgages
1st 119,000
2nd 35,000
Owes 6,000 back payments and all of his taxes are up to date
Needs about 15,000 of work (Contractor quote)
I have a signed contract for 90,000 sub2 lenders dicounting mortgage.
I contacted the second today and asked what was required... Author to release, Signed contract and a Hud-1 form.
Seems to be everything I have read on this post.
my problem is here..
Do I do the HUD-1 myself or do I have to open escrow and have a title company do it, the title company who did my title search said I have to open escrow to do a HUD.
I did not think I had to....
If anyone can give me some info on the best way to fill out the HUD or if they just let the title company do it please let me know
Thanks
By the way the house in as-is condition is worth about 140,000 to 145,000
very interesting. please tell me how you plan to make money on this deal after holding cost and sale commission
[addsig]
Well When I meant Contractors quote 15,000 we all know what that means to someone willing to do the work himself, I do not plan on holding it I have buyers interested, and this is not the answer I ws looking for. Did you read the post or stop after I gave the low down on the property?
yes i did but, i was doing the math and comparing that to your comps. I wanted to learn something from you. did you get BOTH mortgages shorted for a 90,000 combined total?
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B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/17/2003 ]