HUD-1, Net Sheet, etc. What, How, Who?

Last night, SOREM member, David Shabluk wrote:

Jerry,

I'm in the process of my 1st short sale and the homeonwer's bank wants a HUD form or a net sheet. How do I get my hands on a HUD and how do I fill it out? Can I use a Realtor or my banker or who?

Thanks

David Shabluk

ANSWER:

Great Question!

HUD 1s can be obtained from a software or, if you are closing with a title co. they can prep one for you.

What the bank wants is a HUD-1 net sheet showing the homeowner getting ZERO and the bank getting cash-at-closing for their agreed-upon amount and what if any, other costs are going towards (that may include a broker/agent/realtor, or an attorney - some allow up to $1500 to go to an atty and almost all will allow 4% to go to a broker or brokers.) Your broker can also fill those out for you as they should have that software...It's cheap and the software I use I purchased from a company called National Law Forms and they are online at www.nationallawforms.com. Their software includes more than just HUD-1s, too.

I will send a sample to you later today...The computer that has the software on it (I'm MAC so can't put it on mine) is occupied right now.

Best, Jerry


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