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Blog entries tagged with "hud1":
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Bankrate.com just released it's annual 2008 Closing Cost Estimates by state. Topping the list for the 2nd year in a row was New York. Check out the estimates for the Top 10 Most Expensive below: 
Effective July 14, 2008, FHA will implement a risk based premium policy for its mortgage insurance (MI) on 1 to 4 unit single family mortgages. The premiums will vary slightly based on the term of the loan (i.e. 30Yr versus 15Yr), so for the purposes of this post, we have focused … (3 comments)
I have gotten in the habit of saving all the HUD-1 forms from my closings. I address an envelope to both my client and the people on the other side of the transaction, write a short personal note, put it in a pile and forget about it until January 2nd of … (3 comments)
There are very few active buyers in the real estate market these days -- but every one of them seems to be looking to buy a foreclosure or a short sale. 
A Preliminary HUD when listing a Short Sale Is a Good Idea. I usually have my title company do a preliminary HUD 1 when I list a short sale. Just reticently, I am representing a buyer on a short sale. The negotiation has gone on for almost 4 months. We finally … (12 comments)
… (2 comments)
Most Real Estate Agents, not unlike other business people, strive to keep their name in front of potential clients. We send notes and congratulations, by US mail and e-mail. We pick up the phone and call them. We send Birthday cards, Anniversary cards, cards on their children's birthday. We mail Christmas … (7 comments)
A referral. The best compliment we can receive right? So how do we get our clients to give us the name and number of their trusted friends, family and colleagues? I'll share what I do if you'll share what you do..and maybe together we'll come up with a nice list of … (6 comments)
I teach real estate professionals about working as a team. Here's an example of how to solve problems.
Some of us of a certain age were taught how to do math computations without a calculator. And some escrow officers / closers of a certain age learned how to figure prorations by using a calculator and manually entering the figures on closing statement by typing them on that ancient relic, … (0 comments)
Hi,
I can't tell you how difficult it is to get a Hud-1 prepared and reviewed 24 hours before closing. In this trillion dollar industry must everything still be last minute? Especially purchase closings. First Time Buyers anxiously awaiting figures and you don't have them yet because the closing department hasn't printed … (5 comments)
There are lots of fees that you'll have to pay during the closing. RESPA allows the borrower to request to see the HUD-1 Settlement Statement that shows all actual charges imposed on borrower in connection with the settlement at least one day before the settlement. If you see a charge that doesn't … (2 comments)
Do you attend your closings? If you can't make the closing, do you let your client know? Do you make arrangements for another person to be present in your absence?
Top 10 Red Flag List for Mortgage Brokers
As I come to a close on this particular series, I hope that I have provided some helpful information for potential homeowners. 
I wrote a post back in November related to buyer rebates. My question then and now is the same. "Are Buyer rebates, not disclosed on the HUD, legal?" Anyway, over the last few days my previous post has come back to life. We have been having a pretty good debate but … (78 comments)
There are benefits to using a solid, reputable Lender like Wells Fargo. With Wells Fargo, our policy is "What You See Is What You Get" (WYSIWYG). Wells Fargo will never charge fees at closing not disclosed up front to the customer on a Good Faith Estimate. What are your mortgage companies … (0 comments)
We closed a transaction last month. I represented the seller. My listing called for a commission of 6.5% with 3% going to the selling agent and 3.5% going to me (along with my processing fee). We sent the title company our closing instruction letter (kind of like an estoppel letter), letting … (7 comments)