Westminster, CO - That is right, 48 hours to review a final HUD-1 in order to get a Short Sale lender to review, what they had previously agreed to, based on their Short Sale Approval letter, or HAFA agreement, or whatever!!
In Colorado, we do our best to ensure that we have our final HUD-1 prepared 48-72 hours prior to the actual closing date. We are a "good fund" state, or best way to describe is we do not close in "escrow". Escrow is a dirty word in Colorado for real estate closings. We like to have the loan funds available so that the Title company can disburse funds on the same day that the buyer and seller close.
With that being said, when we have a situation where the buyer's lender does not have the loan funds wired for the scheduled closing or we are waiting that 48 Hours for the Short Sale Lender to Bless our final HUD-1. It can cause the Title Rep to create an "escrow agreement" ( BOOOOO HISSSSSSSSSS). So, we can close all the loan docs and real estate docs, waiting for funds to appear (wire or by check) or the HUD-1 blessing by the Short Sale lender.
Lenders usually do not like to have their loan packages sit for more than 48-72 hours, OR they will start the new closing figures for prorations! YUCK, we do not like that.
NOW, let's focus in on this 48 or 72 hour rule by these short sale or Loss Mitigation Depts at the Lenders. Almost ALL of the lending institutions request that we give them this time frame for review of the HUD-1 and bounce it against their short sale approval figures. No problem, there.
We tend to get confused as the whether or not that means they need 48 hours to review OR is that they will not review until 48 hours has passed!! Needless, to say ... we do get confused when we cannot obtain an answer during this period of review, and trying to satisfy their agreement requests and meet their due date of funds!!
We have a great Short Sale team working on the short sale process and we usually have a great success in making the time frame and blessing of the HUD-1 work to satisfy the closing date and time.
Every now and then, we do come across some frustrating circumstances and we make NOTE of the lenders that work to their own beat of the drum. Otherwords, they DO NOT comply with their own rules. WHAT A SURPRISE!!
HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!
Thanks for reading this, Dan Hopper,
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