Palm Coast Short Sales: What is a HUD-1 and why does it matter on a short sale?

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Real Estate Agent with Grand Living Realty
Palm Coast FL – Here is something that drives inexperienced short sale agents crazy. It is a HUD-1, also called a HUD. HUD is the Federal Agency, the Department of Housing & Urban Development, also called HUD. A HUD-1 is a document regulated by HUD. It is the financial accounting for a real estate sale. Here is why it is important to a short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Before a short sale lender will accept a short sale, they want to know what they will net from the sale. A HUD-1 breaks down all the projected closing costs so the lender can see their net. Most agents are familiar with a HUD-1. They see them at the closing of every home they sell. But, seeing a HUD-1 at a closing is not the same as the familiarity you learn on short sales. See, if you mess up on that HUD-1, then it puts the short sale transaction in jeopardy. The short sale lender will look at a projected HUD-1 and agree to accept a certain number. If unexpected costs get added to the HUD-1, then that net goes down. (There are always unexpected costs on a short sale. I can tell you from personal experience.) Now, the agent has to go back and re-negotiate with the short sale lender. That can drag out the process another 60-90 days. The buyer will usually get frustrated and cancel the contract. Then, the agent has to re-sell the house and start the process all over again. This is what causes many agents to hate short sales. They didn’t take the HUD-1 seriously and had problems on a short sale. As a result, they think all short sales are impossible. To truly be successful at short sales, the agent must understand HUD-1s inside and out. They need to make sure that every single projected expense is added to the HUD-1 at the beginning of the negotiations. Adding them after you have negotiated isn’t going to work. Thinking about a short sale?

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I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Eddie@real386.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 386-931-9127

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Palm Coast loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, Eddie Marcal.

Eddie is a Real Estate Agent at Watson Realty Corp. Palm Coast Short Sales Realtor: Phone: 386-931-9127. Eddie@real386.com.

View My homes for sale at www.real386.com.

Eddie Marcal specializes in loan modification assistance and short sales in Palm Coast Florida. Palm Coast Loan Modification Help, Palm Coast Short Sales. Palm Coast Short Sale Realtor. Flagler Beach Florida Loan Modification Help, Flagler Beach Florida Short Sales. Flagler Beach Florida Short Sale Realtor. , Palm Coast Short Sale Realtor. Palm Coast FL Short Sales. Palm Coast Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Eddie Marcal's personal views and do not reflect the views of Watson Realty Corp.

This information on Palm Coast Short Sales: Why Should I Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

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