One Last Short Sale Question
i have a verbal with bank i have faxed authorization along with contract and repair list they need a estimated hud 1 for us to go on , saying they need to see their net i would thank they can only see a minus net at bottom right ,is this normal to send back to bank like this they already know that they will be losing over 70.000 after accepting and they say that we can close before end of month however the title co. said it would take about 7 days to do search and prepare a hud 1this same bank has a second mtg. on property they did not mention this to me they only quoted the first payoff i am really looking forward to closing very soon this will be a cash close so i am ready any info. once again greatly appreciated
Most lenders want a Preliminary HUD-1 just to verify that that original owner is not getting any money from the sale. The HUD-1 should reflect your offer to the lender. The closing agent will prepare the finial HUD for the lender.
With regards to the second by the same lender....make sure they are discounting it (in writing) along with the first. I trust you have done a title report on the property?? Make sure all liens are covered or negotiated.
Great Job.....!!
Maybe they assume that the second will be paid in full at closing. Unless you have a written (whatever isn't written is rotten) approval, don't count your chickens.