I Need Help Filling The HUD1 Out For A Sub To

Comments(16)

• 
  LeaseOptionKing25th October, 2005

  Do you mean a short-sale? Why would you use a Hud-1 for a sub2? You are merely using the existing financing to buy the property.
  [addsig]

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  LeaseOptionKing26th October, 2005

  I never use a HUD-1 for a sub2. I believe the HUD-1 is for the lender, not the IRS, but I could be wrong. I have never sent the IRS a HUD-1.
  [addsig]

• 
  Gerald200526th October, 2005

  I will do as you do. Thanks

• 
  Gerald200531st October, 2005

  Ok......thanks. How do I handle taxes. Should I leave the taxes in the original owners name or change the taxes over to my company. I am worried that the taxes will increase which will alert the lender because they escrow the taxes. The owner receives a homestead exemption which lowers the taxes.

• 
  InActive_Account31st October, 2005

  In my state the taxes are not re-assesed. Whenever there is a deed transfer the taxes automaticly get changed. The sale price would be (loanbalance+uhaulmoney/or any other considerationsuch as notes) Place of settlement I put the notery and the settlment agent would also be the notery.

• 
  Gerald200531st October, 2005

  What about the lender? Will not the increases in taxes alert the lender?

• 
  Gerald20051st November, 2005

  Taxes would increase because the house will not qualify for the homestead exemption because it is a rental now.

• 
  InActive_Account1st November, 2005

  You should have power of attorney. Just call the bank and make the nesessary changes. Just as if it were your own loan.

• 
  Gerald20051st November, 2005

  Thanks

• 
  Gerald20054th November, 2005

  Yes, the mortgage has an OOC. I am going to leave the taxes alone for now. I put the property in a land trust.

• 
  InActive_Account4th November, 2005

  does it give a time frame of how long the property must be OOC

• 
  Gerald20055th November, 2005

  It has an OOC. Also, in San Antonio, a lot of the loans are FHA.

• 
  mattfish117th November, 2005

  Have her refinance the property and take her money out that way.
  
  Then take over the payments giving her $10 or whatever for the deed. She gets her money and you get the house without much upfront costs...
  
  Good Luck!
  [addsig]

• 
  achab7th November, 2005

  Hi All,
  
  Thank you all for your input. The buyer who offered $415,000 was asking for about $15,000 (forgot the exact number) in closing costs. Which is why she was only going to get $4,000.
  
  I think I will go with option #1. Recommend to her to take the above offer. Then, if the buyer is no longer interested (she had already refused that offer), or it falls through, do as IBuyHousesInc suggested, except that I will only offer her $10 instead of $1,000.
  
  Abdenour
  Creative Newbie

• 
  mcole9th November, 2005

  Another option would be to just get a 100% investor loan and purchase it for what she owes. You could get seller concessions for the closing costs, so you wouldn’t have to come out of pocket with anything. And you might be able to negotiate the payoff on credit card lien.
  
  But looking at the numbers, this seems to be a very slim deal at best. Maybe a short sale would be a better way to go.
  
  Just my initial thoughts.

• 
  IBuyHousesInc9th November, 2005

  I think there are two different issues here..
  
  Buying a house
  
  And renting a house
  
  I would only buy the house if I had a buyer for it, maybe you should put an ad in the paper for a lease option or a wrap situation and see if you can find a buyer..
  
  Something like seller financing with 15k down....
  
  As for the renting of your house I wouldn’t do it...