SHORT SALE AGAIN
WHEN FILLING OUT ESTIMATED HUD 1 AT THE CASH TO SELLER AT BOTTOM RIGHT THE FIGURE WOULD SHOW X AMOUNT OFCASHTO SELLER SINCE THIS IS A SHORT SALE WITHOUT A CONFIRMED PAYOFF WOULD IT NOT STILL LOOK LIKE THE OWNERS WERE GETTING MONEY HUD ESTIMATE HAS BEEN MADE OUT WITH NAME OF BANK AS SELLER AT TOP SINCE THE BANK REQUIRES AN ESTIMATED HUD 1 TO CONTINUE WITH THE SALE THANK YOU ALL AGAIN
Quote:
On 2003-12-09 22:27, rayshir wrote:
WHEN FILLING OUT ESTIMATED HUD 1 AT THE CASH TO SELLER AT BOTTOM RIGHT THE FIGURE WOULD SHOW X AMOUNT OFCASHTO SELLER SINCE THIS IS A SHORT SALE WITHOUT A CONFIRMED PAYOFF WOULD IT NOT STILL LOOK LIKE THE OWNERS WERE GETTING MONEY HUD ESTIMATE HAS BEEN MADE OUT WITH NAME OF BANK AS SELLER AT TOP SINCE THE BANK REQUIRES AN ESTIMATED HUD 1 TO CONTINUE WITH THE SALE THANK YOU ALL AGAIN
No large text. people think you are yelling.
Under no circumstances (that I am aware of) will the lender allow the owner to make ANY money on a short sale. Just put 0 in the box. If you work something out with the owner for after the sale....that is your business. However I would not put anything in writing. It could come back to haunt you.
Good Luck
Raysir. Thanks for the chuckle, Your post brought back a fond memory.
This happened once, years ago, when I taught second and third graders remedial math and reading. As I was collecting test booklets, I looked up as one student (Freddie) handed in his test and noticed that he had placed another student's name on the cover of the little blue test book (that'll give you an idea how old I am). I took him aside and asked why he had done that. He said that because "Tom" always got better test scores.
From that day forth, I more closely scrutinized whatever Tom submitted, unable to give him the benefit of the doubt.
So, Rayshir, I wouldn't suggest that you identify the bank as the seller on the HUD1.... since they are not the seller.
Yes, they are to receive the proceeds from the sale, but they aren't selling anything.
If I were expecting to receive your short sale proposal, and my job was to find it's flaws.... (loss mit clerks' jobs are not to simply accept what is presented to them)
I think that I would notice that you incorrectly identified the seller on what might be the most important document in the application.... and I would look more closely at what other info you presented as fact....
If you aren't sure about something... leave it blank.