HUD-1 Form Help Please
Is there a resource which explains EACH/EVERY line or cost or rate on a HUD-1 form? Possibly a link to a .gov site? I'd like to be able to plan for every expense. Most of my business will be in Maryland so taxes and stamps specific to MD would be a great help. Rules of thumb would be appreciated but I'd also like to be able to plan for exact numbers.
Thanks
JimT in Baltimore
Try this:
http://www.hud.gov/offices/hsg/sfh/res/resappa.cfm
And for MD-specific info on taxes:
http://www.dat.state.md.us[ Edited by NancyChadwick on Date 04/04/2004 ]
Nancy,
Thank you very much. Your link was very helpful. I'm trying to complete a HUD-1 form for a short. Frankly I don't see how a HUD-1 CAN be completed for a short because there are variables unsolved at the "Proposal" stage. I think that the best that I can do is prepare a Net Sheet in detail and provide all local tax and fee rates so that the bank can fill in the boxes. It seems to be all moot when the greatest issue is the cost/ (lossed income) of the bank's money which they can't use while the property is on their books.
Jim,
I agree about moot pt on these closing items but the loss mit. people are pencil pushers.
A net sheet should work fine or an "estimated" HUD1 labeled as such is good too. You can get estimated figures from your title co. about taxes, recording fees, and of course title insurance costs.
Kelly(WI)
I thank all of you for helping me. I am learning soooooo much. I have paid for courses and they just hit the high points. You all seem to really drill down and give the real answers. I will be operating mostly in the State of Texas. Does anyone know where I can find information as to taxes and stamps specific to TX? Your assistance is a great help.
Zenobia79
When I do a short sale (which I have only done 4), I fill out the HUD like it is a cash sale with me paying all closing costs. If my P&S says 80k, the bank gets 80k net on the HUD. I find this the easiest way to complete the HUD and to get the least amount of questions from the lender.
Do not worry too much about the HUD in a SS. All the lender cares about is their net, that the seller gets nothing, that realtor commission is not excessive, and what any second lien holders might be getting. Excessive realtor commissions mean over 5%. Commisssion is the only thing that I made the lenders pay for. When the lender insists on having a realtor involved it is assumed that they will pay the commission.
Think about it. Recording fees and taxes are county or even maybe city specific. Do you think a servicer from Dakota knows what are your fees and taxes? Do you think that all reps even know how to read a HUD? I had the worlds simpliest HUD, there was a payoff of the first, recording fee, title search and policy, and taxes - period. And a rep from Fanny Mae called me today to ask "now what is the net?"
Guess my point is to make the preliminary HUD look professionally prepared, but do not get too caught up in perfection.
What software do you use to prepare you HUD? I have an Excel spreadsheet that looks darn near perfect. But I wonder what others are using.
Brenda