“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Short Sales - The Closing

Short Sales - The Closing

Steps to Close

  1. The Agent/Title company recieves the approval/demand letter. The Agent must forward it to the Title company in most cases. Demand letters or release letters must be submitted for all loans.
  2. Title company works up the settlement statement exactly as stated on the approval letter. None of the numbers can be changed at this point.
  3. Line 603 must net ZERO woth NO money to the seller. The demand letter must be revised in order to change the figures on the HUD-1.
  4. The HUD-1 is faxed back to the lender(s) to review and approve. The second lien holder who has issued a release must also be sent the final HUD-1 to review and approve ( This is in BIG BOLD PRINT on every letter.
  5. ONLY after the lender(s) has approved the final HUD-1 are you authorized to close !

Reminder:

The foreclosure process will continue while the property is listed and even during negotiations of a short sale. Please ask for a postponement of the foreclosure sale if a legitimate offer is pending. Do not assume the negotiator is aware of the pending foreclosure sale.

Posted Thursday Jul 02



Roland, interesting series on short sales. BTW I noticed that your will soon be #2 in the state - Congratulations...


Your building consultant for life in Nashville, TN



( 07/02/09 08:24AM ) — Judy Schneider

Roland,


Way to Go! Very good information! Sounds like things are working out great for you! Keep doing what you are doing!


Judy

Michael: Thank You... It will all be tied together soon. Lost the tie in post when saving last night at 2 AM. Maybe it will be better the 2nd time around :)


Judy: Short Sales are interesting. I will keep on going on...

Hi Roland!  Forgetting to ask for the extension of the foreclosure is a BIG mistake that novices make--they don't realize that these are two, totally separate departments and the left hand does NOT always know what the right hand is doing!  As a matter of fact, they RARELY do!  Great series--you'll have to pull this together into one final one for even more SEO!


Have a safe and wonderful Independence Day...


Debe in Charlotte

Thanks Debe..  I plans to finnish the combined post this weekend. I had worked for 1 1/2 hour on it a few days ago and lost the post when I went to save it.:(

That stinks!  I've had that happen before and it just makes you crazy!  Nvu used to crash on me all the time and I finally got into the habit of saving after each paragraph!


Have a great Fourth!


Debe in Charlotte

Debe: I will be posting the combined post today..

Post a comment

Temporarily disabled — coming soon!