Question About Hud-1 Form And Contract
There is a motivated seller, a house with equity ,a 2nd mortgage that is foreclosing before the first . The 2nd is willing to short sale and the first is looking into it. The financial sheets are filled out. , I want to make a offer on the second while the first is checking out the house . On the hud-1 form do you list the second and the first mortgage amounts( To send to the Second)?. What about the contract I am using a realestate sale agreement is that what they want when they mean about a sales contract signed by seller and buyer? Do you make a contract for the first then the second mortgage and a final contract for closing. How is the best way to find the buyer to flip the property I have a likely candidate because he is in my home group but if he bugs out where and how do you find buyer that wants a house that just needs a little Tlc not aot. Isnt't the sales contract just a offer in the first place? What about the $500.00 earnest money i am not going to give the seller $500.00 unless the deal can go through and all my specifications are met. Any expert with patients? Also why does this website keep advancing my profile to make it look like I know what I am doing. I am just starting out. I guess I am a sophoremore investor now. I haven't flipped one property yet have some book smarts but no street smarts in Realestate Yet! P.S. putting a foot forward and not fearing success . Getting my nose wet even if it gets bloodied!
[ Edited by Hawkman on Date 10/14/2003 ]
[ Edited by Hawkman on Date 10/14/2003 ]
[ Edited by Hawkman on Date 10/14/2003 ][ Edited by Hawkman on Date 10/14/2003 ]
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