short sale settlement statement“I demand that you close this transaction right now. I am going to stay on hold until you get this short sale closed. If you do not help me right this instant, I am going to come to your office, and bang on your door, and sit in your lobby until the transaction closes.”

It happens. Buyers get frustrated. They want to close the deal and get the keys, and often the short sale lender doesn’t work fast enough to satisfy the buyer (or the seller, for that matter).

One of the delays that often occurs at the end of the short sale transaction relates to approval of the final HUD-1 or settlement statement. In a short sale transaction, most lenders require that the settlement statement be reviewed one more time—just a day or so prior to closing. 

So, when you are ready to close, you (or escrow or the attorney) send over the settlement statement. And… then you wait (and wait and wait). Sometimes the lender final HUD approval (a thumbs up that comes via email) comes quickly, and other times it takes a day or two. The short sale lender is taking one final look at the transaction to make sure that what they approved on the short sale approval letter and what is on the settlement statement match.

Since most banks work on their own schedule (not the buyer’s or the seller’s), it’s important for the listing and selling agents to set expectations accordingly. Explain the closing process to the buyer and the seller so that they understand why something might take another day or why this short sale thing is not an exact science. Everyone wants the transaction to close and we all need to work together in order to get the job done. Nobody needs to threaten anyone. The squeaky wheel doesn’t always get the grease.

 

photo credit

 

 


 

 

Melissa Zavala 
BROKER/REALTOR® ● CA DRE #01324959

If you enjoyed this post, why not connect with me in these other communities?

    

 

 

 
Post is included in group: Short Sale Specialists & Pre-Foreclosure Education
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!
Post is included in group: Short Sales Specialists
Post is included in group: Realtors®
Post is included in group: Short Sales and Forclosures ONLY

8 Comments on Squeaky Wheels May Not Get Grease - Short Sale Settlement Statements

SEP
26
464,485 Points 8 Featured Posts Outside Blog Called Shot Master

Everything I know about short sales comes from you! I have never done one and I don't think I have it in me to do one. Maybe much later on. In any case I take my hat off to you!
5:21pm • #1
939,412 Points 94 Featured Posts Outside Blog Attended Rain Camp

Sussie: Thank you for being so kind!
7:24pm • #2
216,470 Points 1 Featured Post Attended Rain Camp Called Shot Master

I had a situation like this just 2 weeks ago, while awaiting final HUD1 approval. I simply had to push the closing time back... not even the date! and the buyers were having none of it.

They showed up at the title company at 7 AM without even knowing if the short sale was approved to close for sure. They convinced the title company to let them sign all documents.

Needless to say, I'm not planning on using that title company again.
8:20pm • #3
216,470 Points 1 Featured Post Attended Rain Camp Called Shot Master

Suggested BTW. I'd love to hear other agent's stories regarding inpatient buyers! lol
8:21pm • #4
SEP
27
535,210 Points 38 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Those people are rampant in all industries.

I'm not above ranting myself, but never to some one who's on my side.

I go to the top of the organization causing the problem.

I won't go into those stories, but I will suggest it's never a good idea to attack the person you're talking to.

As a broker of any kind we're all third parties repeating what we've been told so we're gong to get these calls. All I can suggest is always tell the truth don't add your own lies to those of your suppliers!

Bill
10:29am • #5
760,475 Points 69 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Another point I learned about short sales.  You really know your stuff.
5:35pm • #6
584,863 Points 46 Featured Posts Outside Blog Called Shot Master

A great and true post on Short Sales.  I always preach patience to my buyers but even the most patient ones get antsy by the time we finally get an answer.
6:42pm • #7
SEP
28
985,912 Points 49 Featured Posts Outside Blog Called Shot Master

Melissa - There are so many reasons why a short sale or even bank owned closing can be delayed and this is one I've encountered before. 
5:48am • #8

Login or register to leave a comment
 
Melissacrophires Ambassador_large

Escondido Real Estate - North San Diego County Homes

Melissa Zavala, Broker

Escondido, CA

More about me…

Broadpoint Properties

Address: 220 West Second Avenue, Escondido, CA, 92025

Office Phone: (760) 839-3838

Email Me

Broadpoint Properties



Listings
00%20front%20view
$775,000
3 br, 2 ba, 3,198 sqft
SITTING ON TOP OF THE WORLD, Elegance galore in this fabulous home with amazi...
1
$300,000
4 br, 3 ba, 2,598 sqft
This custom home has views all the way to the ocean on clear days. Sitting on...
0
$249,900
2 br, 2 ba, 832 sqft
Turn key condo in prestigious complex rarely on the market. Incredible wester...
1
$349,000
2 br, 2 ba, 1,154 sqft
Lovely unit with hardwood floors in living, dining and hallway. Balcony off d...
Img_3558
$100,000
2 br, 2 ba, 1,395 sqft
Desert landscaping with palms and saguaro cactus in front and no neighbors in...
1
$169,000
2 br, 2 ba, 1,154 sqft
Beautiful Cape Concord location surrounded by luscious greenbelts. Bright and...
2
$220,000
3 br, 2 ba, 1,598 sqft
Nice private setting. Single story home with plenty of room for RV, boat and ...
1
$299,900
Own this Unbelievable, one of a kind quiet slender wonderland amongst the hug...
1
$120,000
2 br, 1 ba, 757 sqft
2 story house, pergo flooring in living room, and tile flooring in kitchen an...
0
$110,000
1 br, 1 ba, 598 sqft
Great location. Centrally located. Upper end corner unit with patio/balcony o...
1
$677,220
3 br, 2 ba, 1,915 sqft
This home has recently been upgraded. You will not find another home like thi...
Monticook%202
$699,900
4 br, 3 ba, 2,589 sqft
Gorgeous turn key home in highly acclaimed Poway School District. Southern or...

Links

Archives

RSS 2.0 Feed for this blog