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Would You Prepare A HUD-1 Settlement Statement To Present To Your Short Seller's Lender??

By
Real Estate Agent with PalmerHouse Properties & Associates, LLC 316636

Recently, I attended another short sale class (because we can NEVER learn enough about these lovely suckers) and was totally floored when the instructor handed out blank HUD-1 Settlement Statements, and began to "instruct" the class on how to complete them. I watched as a class full of Realtors who were fairly new to the world of short sales intently listened and filled out the form as instructed. I quietly listened to her (while making an attempt to not show the disguest and horror on my face) and allowed her to finish her "instruction". Afterwards, I asked, "why wouldn't you allow the closing attorney to complete it since they can also run checks to ascertain if there are any liens on the property?" Her reply was "you can as long as you can get an attorney to do one for you"....My mouth dropped open! Maybe Donaghue & Chandler in Newnan, GA have me spoiled, but I HONESTLY thought that preparing a preliminary HUD-1 Settlement Statement was the duty of the closing attorney.....AND I've NEVER been turned down for a request for one on any of my short sales. In fact, if I ever came across an attorney who refused to provide a preliminary HUD-1 Settlement Statement on a closing that's happening in their office, I would simply take my business elsewhere. PERIOD...Am I crazy or is this the norm???

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Dale Falkowski
Remax Town & Country - Woodstock, GA
The Honest Agent Full Time Pro

Vanessa,

Believe it or not a lot of attorneys won't do them. Reason, 85% of Short Sales never close.

I have the CDPE and have done several but the simple fact remains. most of Banks are just not willing to take the loss.

I love it when I see a house they could have approved sell 3 months later for less money.

Dec 06, 2010 05:37 AM
Vanessa Calhoun
PalmerHouse Properties & Associates, LLC - Atlanta, GA
Your Greater Atlanta Marketing Guru!!

Hi Dale!

I have a wonderful real estate attorney who's more than willing to prepare a prelim HUD-1 Settlement Statement for me and plenty of other short sale specialists in our area..and guess what??? WE CLOSE OURS :)

Dec 06, 2010 05:43 AM