Working With My LLc
If I have to add someone to my LLC to facilitate this short sale, Will I be able to just remove them and give them possession of the property afterwards or do they have to remain in the LLC?
Also, should my proposal be presented in the same type of format as, say, an appriasal or bpo?
The LLC will actually purchase the property with cash and then have the buyer get financing in his own name.
Should that be a good way to try it?
Be careful to state that you are providing an estimated HUD1 because any mistakes you make can cost you dearly... and generally, a second mortgagee must agree to just about next to nothing before a senior mortgagee will agree to take a hit.
My experience is that the settlement company/attorney who does the settlement and title work does the HUD. Have you had a title search done and obtained title insurance?
Use a preliminary/estimated HUD1 being careful to anticipate what the costs will be if/when you actually close the deal.
When working on your proposal for the second, use the actual full payoff for the first... cause they will call the first to verify that info. ABT (always be truthful)
Does anyone in here have any books or other recommendations for learning how to properly fill out a Hud1 ? Thanks!
In the revised (2005) ShortsalePrimer, in addition to an ethical foundation into the preforeclosure acquisition technique, there is a chapter on the HUD, including a line by line tutorial.
its taken me a good long time to finally figure out how to fill out a hud. first you must be able to decipher a hud thats from a convensional closing so that you know what goes where. then go from there when making an offer on a short. its also different on second mortgages when filling it out. you can do it a few different ways though. all the bank wants to see is there net. maybe just send them a net sheet and see what they say. or have an attorney explain a hud to you. wish i did.[ Edited by ZinOrganization on Date 06/07/2005 ]