Who Exaclty Is The "settlement Agent"
This my be a stupid question but who is the settlement agent when filling out the Hud1? also on line 101. the gross sales price of the prop being sold? is that suposed to be the price im offering the bank? Also one more stupid question. Am i considered the "seller" is is the person defaulting on the loan? becasue it seems to me if the bank accpts my offer they are the ones selling it to me. thanks for all your help
can anybody please help?
The settlement agent is whoever is presiding over the closing, and disbursing the funds... could be a closing attorney, or a title company.
The Gross Selling Price is the sales price as indicated on the contract for sale between You, and the Seller.
You aren't offering the bank anything... you are articulating to the bank a proposed sales transaction between the Seller, and the Purchaser that is subject to mortgagee approval.
As far as asking if you are the Seller... I'd suggest that you do a bit more reading to increase your level of understanding before you risk a nickel.