I Hope Again Last Short Sale Question
to be more specific at the top of form is there a different title for an estimated hud1 or does it say good faith estimate than the actual hud 1 used at final closing for my short sale deal if i had future plans to continue in short sales i would purchase a course but this is a one time deal appreciate any info. just wanting to know are the forms different thanks all
There is a difference between a "good faith estimate" used to estimate the range of charges a Borrower is likely to incur, and a HUD 1 settlement statement. Terminology on the GFE must conform to that used on the HUD1, but they are separate animals.
I really haven't followed what you are doing, but if you are trying to double or simultaneously close, or assign a mortgagee approved short sale... one can only guess why you would need a good faith estimate.... Who has requested the GFE? You aren't a lender in this transaction, are you? GFEs are usually provided by a lender making a loan.
Personally I provide a HUD-1 with the word "Preliminary" added at the top when I submit my SS package. The finial HUD-1 is provided by the closing agent. On the preliminary I only show the amount the lender is going to get at closing and the fact that the owner will net 0 from the transaction.
PS: The SS Pro has done a lot more SS than I have so you may want to listen to the PRO.
Best of Luck
Hi, DLynn. That's a good idea to use 'preliminary, or estimated HUD1' or even estimated net recovery SUBJECT to liens of record.
I'm just not sure what raysir is doing and without all the facts presented, it's tough to anticipate what he actually needs.
the bank asked me to fax them a estimated hud 1 and like the post mentions is there a difference on the top dlyn answered my question he added preliminary to settlement sheet i asked about a good faith estimate and a hud1 because my original question was just that is there a physical difference thank you dlynn very and all others
Estimated net recovery SUBJECT to liens of record. That's good. A little bit of Cover Your ASSets on the prelim.