ok thanks, but there is 2 mortgages on the property, the 1st requires a hud 1, the second said a net sheet is fine. On the net sheet for the second what do you put as a net amount to the first mortgage company if you do not know what you can short it down to yet, do you put their complete payoff amount or what you are going to offer them?
If you tell the second lienholder you are going to payoff the first $100, it may issue its approval contingent upon you payng the first $100. Pay it less, and the second may want additional proceeds.
You could play dumb and simply indicate fixed costs, and the amount offered to the second lender.
Most if not all loss Mit Depts that require a "Net Sheet" will accept a HUD 1 for this purpose. I have succesfully used a HUD 1 when asked for a Net Sheet many times. Whenever I send a HUD 1 with my packages I make sure the top header states, "Prelimary HUD 1". A Net Sheet is simply a draft of what and where the numbers are going on the final and official HUD 1. MAKE sure they are real close to the actual though. There will not be much if any wiggle room from this Net, if it is accepted.
i can pay my attorney to draw up a hud 1. ive done over 20 deals in the past 2 years and ive seen plenty of them. i just had a few questions about where some numbers go
a net sheet indicates the gross sales price, disbursement of proceeds, and the all important
net amount to be paid to the mortgagee(s).
A net sheet is an informal HUD1, and can be scrawled with crayon on a paper napkin.
A caution: make sure you have accounted for all costs which will be due by closing....
ok thanks, but there is 2 mortgages on the property, the 1st requires a hud 1, the second said a net sheet is fine. On the net sheet for the second what do you put as a net amount to the first mortgage company if you do not know what you can short it down to yet, do you put their complete payoff amount or what you are going to offer them?
If you tell the second lienholder you are going to payoff the first $100, it may issue its approval contingent upon you payng the first $100. Pay it less, and the second may want additional proceeds.
You could play dumb and simply indicate fixed costs, and the amount offered to the second lender.
Most if not all loss Mit Depts that require a "Net Sheet" will accept a HUD 1 for this purpose. I have succesfully used a HUD 1 when asked for a Net Sheet many times. Whenever I send a HUD 1 with my packages I make sure the top header states, "Prelimary HUD 1". A Net Sheet is simply a draft of what and where the numbers are going on the final and official HUD 1. MAKE sure they are real close to the actual though. There will not be much if any wiggle room from this Net, if it is accepted.
can anybody send me an example of a net sheet? a pdf or something?
-ryan
i can pay my attorney to draw up a hud 1. ive done over 20 deals in the past 2 years and ive seen plenty of them. i just had a few questions about where some numbers go