SPOOKY FORCLOSURES

By
Real Estate Agent Maryland 586071

Well, today was interesting!  I have had plenty of Settlements, but today's takes the cake.  When ever and if ever you enter into a transaction with an Agent to Purchase a Bank Owned Property for your client,  please make sure you both know what you are doing.  I am extremely competent in my knowledge of these transactions, but unfortunately the Listing Agent was not.  TheTitle Attorney allowed (without the Seller even showing up, to sign documents, etc.) the Settlement to take place.  WHAT SETTLEMENT? There is no Settlement unless you walk away with a signed HUD1. ANOTHER SPOOKY & GHOSTLY SITUATION.

 

Comments (2)

Ken Cook
Content, coding, marketing, host. - Marietta, GA
Content Marketer/Creator
Was there not an Attorney in Fact there to sign? (Sorry, don't know MD rules and regs on this one.) Was this a large lender who's name rhymes with Sells Cargo? I am interested because I used to have my MD license about a half dozen years ago and have been asked by some contacts to consider getting it back.
Oct 29, 2007 10:21 AM
Fred Pickard
Fred Pickard Innovations Realty Inc - Hershey, PA
Hershey, PA

I don't know the individual circumstances here, but we've had plenty of settlements with two page #2 of the Hud-1. Usually it's because the buyer's costs were not available when the seller had to be sent the paperwork. The seller signed a page #2 without most of the buyer charges listed  and the buyer signed the page 2 with the full buyer cost info.

Then you get a 3 page HUD-1 with 2 page #2's. As long as the seller signed the deed and the funds changed hands, I fail to see the problem. Then everyone gets a complete set of the HUD-1 more often than not a day or three later.

I handle REO's only and have this happen frequently. Unless Maryland is different, I'm not really sure there is a problem.

Oct 29, 2007 10:37 AM