Really Need Help On This
I found a motivated seller which will be forclosed on dec 7th and I need to fill out a hud 1 and I dont know how? the lender told me if I get the items to them they will extend the forclosure 30 days. does anyone out there have a hud 1 program that i could use, buy, or recomend? the lender also requires a listing agreement. how do i list? do i offer $ to an agent just to list then cancel? do i have them list honestly, then immediately cancel the listing just to get the form to turn in to the lender? any help is appreciated. my email is: **Please See My Profile**
check out HUD Clips, the program is free. Having the form and knowing what #s to insert is another matter.
Have you checked title for liens/judgments that must be paid from proceeds?
Even if the lender were to postpone the foreclosure for 30 days.... can you complete the purchase?
If you have cash or access to funding... I could help you put this together.
If you have a valid contract you should not need a listing agreement. As far as a hud statement I would get that from title insurance.
"If you have a valid contract you should not need a listing agreement"
To a degree, that's true. But many mortgagees require that a property be exposed to the market for a specific period of time with a licensed real estate broker... and have the broker attest to the property's value, and assure all elements of the transaction are 'arms length'
The broker's participation adds credibility to the transaction... the mortgagee is looking to cover their respective rear ends when making the decision to accept less than they are due.
When evaluating a request for short sale consideration the servicer 'scores' the application much like a credit rating is scored.
If the overall application is sound, they can overlook the lack of broker supervision. If the proposal contradicts existing info (series of BPOs performed throughout the delinquency) they may not waive the broker requirement.
Their flexibility with regard to criteria is subject to the loan type, insurors (if any) and who owns the loan.
Is a listing agreement needed with all short sales candidates? Or does it depend on the mortgage holder?