Net Sheet?
im sure this has been asked before, but the lender is asking for a net sheet as well as a hud 1. what exactly is a net sheet? and i have heard that it is basically the same as a hud, so why would they want both? thanks JEB.
You should be fine just sending a Net Sheet. The lender basically wants to have an estimate of what they will receive from the sale of the house. The final HUD will be provided by the attorney's office you are closing with.
If tell them that it's an all-cash buyer, just sending the bank a closing statement will work.
When they want a preliminary HUD upfront, you can send just an unsigned and not 100% filled out HUD, that's what I do (I leave all the mortgage info fields blank, since I explain in the cover letter it's an all-cash buyer who won't get a loan - and the house is in such shabbly condition that a normal enduser couldn't get a regular loan on it anyways...
Falk
PS: The 'no HUD, just a closing statement' announcement to the bank will also help you in the sense that: If you do a double closing & flip it, the bank will be ok with not seeing a HUD from you/your buyer!! (Works, I just did it...)