Westminster CO – 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?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at denverforeclosureblog@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 303-430-6726
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Westminster 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, Dan Hopper.
Dan is a Real Estate Agent at Remax Alliance. Westminster Short Sales Realtor:
Phone: 303-430-6726. denverforeclosureblog@gmail.com.
View My homes for sale at http://www.danhopper.com">click here.
Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Dan Hopper, Remax Alliance, 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. 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 Hopper's personal views and do not reflect the views of Remax Alliance.
This information on Westminster 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.
Monday, March 7, 2011
Sunday, March 6, 2011
Westminster Short Sales: What can go bad on a short sale when you hire an agent that doesn't understand short sales
Westminster CO – It always amazes me when I hear the stories of agents who talk about horrible short sales are. "Don't waste your time on a short sale", they tell homeowners.
"They are a waste of time. The lenders won't approve them and the process is horrible. The last short sale I worked on took 9 months", they say.
<a href="http://stopforeclosurewestminister.info/short-sale.html">Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.</a>
<strong>This gives short sales a bad name. Homeowners mistakenly believe that a short sale is impossible</strong>. I am here to tell you that is not true.
The Stop Foreclosure Institute has sold and closed many short sales. There are two keys to being successful. First, you have to understand how the process works. Second, you have to keep an eye on the transaction from start to finish.
<strong>Here is the closest comparison I can think of on why some agents hate short sales.</strong> Let's say that you are a brand new driver.
You hop into a car, accelerate to 70 miles per hours, turn on cruise control, and then start reading a book. Every 5 minutes or so you look up to check on what is going on with your car.
You aren't successful at driving a car. Your friend is thinking about learning how to drive. "Don't even think about driving a car. Driving just doesn't work and it is impossible to get anywhere", you tell them.
<strong>Is what you just said correct?</strong> Is driving a car impossible? No, it's not! But, many agents make the same claim about short sales.
<strong>They have never studied and learned the process.</strong> They have never successfully sold a short sale. But, they are sure ready to tell you that it doesn't work.
<strong>Here is what they missed about short sales. </strong>
<strong>1. You need to be knowledgeable about the process.</strong> You need to have a solid understanding of HUD-1s, BPOs, and the short sale guidelines of the entity that owns or insures the loan.
<strong>2. You have to stick with the transaction.</strong> You need to follow up with the short sale lender regularly. You can't check in on the short sale every week or two. A lender will often ask for something and want it back within 24 hours.
If they don't get what they need, then they will close the file. If you agent isn't checking in regularly, then the short sale file could be closed without their knowledge.
In addition, your agent needs to be able to make sure the HUD-1s and BPOs are accurate. I will explain what those acronyms mean and why they are important in my next post.
Ask the agent you are interviewing why they are important. 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 <a href="mailto:denverforeclosureblog@gmail.com">denverforeclosureblog@gmail.com</a>. 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 303-430-6726
Discover how other sellers successfully completed a short sale and request a free consultation by <a href="http://stopforeclosurewestminister.info/short-sale.html</a>.
Thinking about a loan modification? Our Westminster loan modification kit has the instructions you will need to get a loan modification approved with your bank. <a href="http://stopforeclosurewestminister.info/loan-modification-secrets.html">Click here to request a copy.</a>
Thanks for reading this, Dan Hopper.
Dan is a Real Estate Agent at Remax Alliance. Westminster Short Sales Realtor:
Phone: 303-430-6726. <a href="mailto:denverforeclosureblog@gmail.comt">denverforeclosureblog@gmail.com</a>.
View My homes for sale at <a href="http://"></a>.
Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster 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 Dan Hopper's personal views and do not reflect the views of Remax Alliance.
This information on Westminster Short Sales: What can go bad on a short sale when you hire an agent that doesn't understand short sales is provided as a courtesy to our viewers to help them make informed decisions.
"They are a waste of time. The lenders won't approve them and the process is horrible. The last short sale I worked on took 9 months", they say.
<a href="http://stopforeclosurewestminister.info/short-sale.html">Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.</a>
<strong>This gives short sales a bad name. Homeowners mistakenly believe that a short sale is impossible</strong>. I am here to tell you that is not true.
The Stop Foreclosure Institute has sold and closed many short sales. There are two keys to being successful. First, you have to understand how the process works. Second, you have to keep an eye on the transaction from start to finish.
<strong>Here is the closest comparison I can think of on why some agents hate short sales.</strong> Let's say that you are a brand new driver.
You hop into a car, accelerate to 70 miles per hours, turn on cruise control, and then start reading a book. Every 5 minutes or so you look up to check on what is going on with your car.
You aren't successful at driving a car. Your friend is thinking about learning how to drive. "Don't even think about driving a car. Driving just doesn't work and it is impossible to get anywhere", you tell them.
<strong>Is what you just said correct?</strong> Is driving a car impossible? No, it's not! But, many agents make the same claim about short sales.
<strong>They have never studied and learned the process.</strong> They have never successfully sold a short sale. But, they are sure ready to tell you that it doesn't work.
<strong>Here is what they missed about short sales. </strong>
<strong>1. You need to be knowledgeable about the process.</strong> You need to have a solid understanding of HUD-1s, BPOs, and the short sale guidelines of the entity that owns or insures the loan.
<strong>2. You have to stick with the transaction.</strong> You need to follow up with the short sale lender regularly. You can't check in on the short sale every week or two. A lender will often ask for something and want it back within 24 hours.
If they don't get what they need, then they will close the file. If you agent isn't checking in regularly, then the short sale file could be closed without their knowledge.
In addition, your agent needs to be able to make sure the HUD-1s and BPOs are accurate. I will explain what those acronyms mean and why they are important in my next post.
Ask the agent you are interviewing why they are important. 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 <a href="mailto:denverforeclosureblog@gmail.com">denverforeclosureblog@gmail.com</a>. 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 303-430-6726
Discover how other sellers successfully completed a short sale and request a free consultation by <a href="http://stopforeclosurewestminister.info/short-sale.html</a>.
Thinking about a loan modification? Our Westminster loan modification kit has the instructions you will need to get a loan modification approved with your bank. <a href="http://stopforeclosurewestminister.info/loan-modification-secrets.html">Click here to request a copy.</a>
Thanks for reading this, Dan Hopper.
Dan is a Real Estate Agent at Remax Alliance. Westminster Short Sales Realtor:
Phone: 303-430-6726. <a href="mailto:denverforeclosureblog@gmail.comt">denverforeclosureblog@gmail.com</a>.
View My homes for sale at <a href="http://"></a>.
Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster 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 Dan Hopper's personal views and do not reflect the views of Remax Alliance.
This information on Westminster Short Sales: What can go bad on a short sale when you hire an agent that doesn't understand short sales is provided as a courtesy to our viewers to help them make informed decisions.
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