Agent Jirius: Washington: Redmond

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

Balancing the Accounts

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

Bellevue WA – 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.

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

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.

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

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.

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

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jirius@gmail.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 206-841-9976.

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

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

Thinking about a loan modification? Our Bellevue 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,

Jirius Isaac.

Jirius is a Real Estate Broker( no agents) at C21 Real Estate Center. Bellevue Short Sales Realtor:

Phone: 206-841-9976. jirius@gmail.com.

View My homes for sale at:

http://kenmorehomesforsale.com/.

Jirius Isaac specializes in loan modification assistance and short sales in Bellevue Washington. Bellevue Loan Modification Help, Bellevue Short Sales. Bellevue Short Sale Realtor Bellevue WA Short Sales. Bellevue Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice Jirius Isaac, C21 Real Estate Center, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government.

Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales.

Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan.

We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan.

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

No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home.

Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval.

If you decide not to go thru with the short sale, then you do not have to pay us our fee.

We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Isaac's personal views and do not reflect the views of C21 Real Estate Center.

This information on Bellevue Short Sales: What is a HUD-1 and why does it matter on a short sale? is provided as a courtesy to our viewers to help them make informed decisions.

Isaac Real Estate Team

Champions Real Estate Services

TriStar Finance  #MLO-107799

Office: 425-483-6849 Cell: 206-841-9976

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