Archive

Posts Tagged ‘HUD1’

HUD-1 is Critical For Short Sales

March 28th, 2011 Comments off

If you’re going to work a short sale or do on a regular basis, lenders require a package deal that includes a rule the purchase agreement, a letter of authorization, a hardship letter, a statement of the financial statements of the seller, a listing contract (maybe), and a complete “preliminary” HUD-1 form.

I used the word here because the original offer preliminary, the HUD-1 numbers are not accurate (but the form needs to be precise) and are normally the responsibility of investors. As the business moves through the approval process and towards a formal closing, a title company normally produce a final HUD-1, with exact numbers.

A sample form can be found on the HUD website.

One of the most important skills for the foreclosure investor must be able to successfully complete the HUD-1 settlement statement. In a short sale (and “normal” real estate transactions), this form dictates who gets the amount of money. Period.

The HUD-1 form is under the control of the Real Estate Settlement Procedures Act (RESPA). This act states that the form must be distributed to all parties one day before closing. However, some closures are very short time constraints and the final HUD-1 may be released shortly before closing time.

The two-page form is divided into sections, with details on the right Seller and Buyer details on the left. These sections are further broken down by line number. We’ll focus on the seller’s form, because this is the side that lenders consider a short sale.

The top of the module is simple with the name of the seller, the buyer’s name, address of property, etc.

Line 401 is the gross offering price.

The lines 504 and 505 represent the net offers the first and 2nd lien holders. These two lines are the most important in the provision of short sale.

Lines 510-519 are used to pro-ration of taxes for the current year, along with note past due taxes or liens Hoa.

Lines 700-704 are to note the use of real estate commission fees.

Lines 1100-1113 are used for expense account title, closing expenses, etc.

Lines 1300-1305 are for the additional settlement fees.

Note that the lenders are looking for line 603 to zero, as this is the case of understanding seller.

Since most title companies will not make many prelim HUD-1 on deals that do not close, it is imperative that the investor foreclosure lean as carefully fill the form HUD-1. It ‘s the greatest instrument used in the process of negotiation.

The key is to understand that we must be ever more diligent in calculating the bid. Note, the formulas used to calculate expected long-term deals in real estate are not related to fix and flip formulas, and these deals are usually disastrous to unsuspecting investors.

Categories: Hud-1 Short Sale Tags: , ,

hud-1 – “HUD-1 Settlement Statement” HAR’s Consumer Knowledge Series

March 25th, 2011 Comments off

** This video explains what HUD-1 settlement statement is.
Video Rating: 0 / 5

Categories: Hud-1 Videos Tags: , ,

hud 1 – What is the Hud-1 Settlement Statement…………………

March 24th, 2011 Comments off

** Departure www.DamonTheAgent.com

Categories: Hud-1 Videos Tags: , ,

Can Calyx Software Produce HUD1 statement from the G.F.E?

March 23rd, 2011 1 comment

Question by robert w: Can Calyx Software Produce HUD1 statement from the G.F.E?
I was told that Calyx can auto populate G.F.E. to HUD-1 Statement. Can anyone show me how?

Best answer:

Answer by A C
I’ve never done it, but just playing around in Calyx – try going to the Interfaces drop down (at the top) and scroll down to title/escrow…if your title/escrow company is in there, it looks as if you can Send Data and that would do it….but being that title/escrow doesn’t produce a HUD until they get lender instructions, this may be all for naught. Hope you get your loan closed! ;)

Add your own answer in the comments!

Hud-1 Settlement statement for Short Sales and Closings part 120

March 15th, 2011 Comments off

www.Hud1Generator.com – How to create unlimited Hud-1 s from your computer, for all your real estate or short sale closings. Also called Hud-1 statement form, Hud 1 settlement statement, Hud1 software, net sheet, closing statement.
Video Rating: 5 / 5

Categories: Hud-1 Software Tags: , ,

Expert Real Estate Tips: What is a HUD-1 Form?

March 13th, 2011 Comments off

What is a HUD-1 Form in real estate? The HUD-1 Form is a record of all money spent during the purchase of a home. Appraisals and other services are listed on the HUD-1 Form and many are tax deductible items. Learn more about HUD-1 Forms from this Expert Real Estate Tips segment.
Video Rating: 5 / 5

Categories: Hud-1 Tags: , ,

What Kind of Errors Can My HUD-1 Software Prevent?

March 13th, 2011 Comments off

Oh, human errors. They’re so natural—and so unfortunately inevitable. If you don’t think it can happen to you, think again. It doesn’t matter how careful you are, or how many times you go over your data, your numbers, and your deals. But the human eye can’t catch everything—and everyone makes mistakes. Sometimes, the error isn’t yours: it’s the mortgage company’s, or the title company’s. So let us count a few wrongs!

Common Scenario #1 . Let’s say you are creating a new HUD closing statement . Your modus operandi is to take an old HUD settlement statement , and pop your new numbers into the various fields. But have you ever done something like this, and found the old numbers hanging around? Perhaps they’re in fields that you thought you changed, but didn’t. Perhaps they’re in fields that were inapplicable to the new deal—but haven’t been deleted. Needless to say, this kind of approach is ripe for error—and can ripple throughout a deal.

Easy Solution 1 : Easy Soft’s Easy HUD Software captures all case information at the outset—using a fresh set of HUD forms and other documents. You never have to worry about the embarrassment—and inaccuracy—of stale info again.

Common Scenario #2. You’re representing the buyer for the sale of a home. Your client remits 0,000 to pay off the seller’s mortgage. Three years later, the buyer is now the seller. The title company found that the lender never recorded a mortgage release for that 0,000—and technically, the lender still has a lien.

Easy Solution 2 : If you have Easy Soft’s Easy HUD Software , you’ve got the information for the fix right in your current software. There’s no need to send a paralegal to a cold dark storage facility, or spend a late night going through one dinosaur hard drive after another.

Common Scenario #3. The lender overcharged his mortgagee by something small and undetectable: say . This mistake is discovered at the closing. With the new RESPA rules, you can’t just write a check for to fix it—you’ve got to file an amended HUD settlement statement.

Easy Solution 3 : If you have Easy Soft’s Easy HUD Software , you can generate a new HUD closing statement faster than you can say “fifty bucks.” You shred the old and voila! Problem solved.

About Easy Soft: Easy Soft has been a law office software leader since 1986. The company offers specialized solutions for real estate, family law, time, billing & trust account management and document automation. More than 15,000 customers nationwide use Easy Soft products to increase office productivity.


Article from articlesbase.com

Related Hud-1 Software Articles

Categories: Hud-1 Software Tags: ,

How to automatically calculate tax in the hud1 for excel software

March 11th, 2011 Comments off

hud1forexcel.com presents how to use the HUD1 for Excel software to automatically calculate property taxes.
Video Rating: 0 / 5

Categories: Hud1 Tags: , ,

How Our HUD-1 Software Increases the Accuracy Of Your HUD 1 Closings

March 9th, 2011 Comments off

Here at Easy Soft, we figure: why reinvent the wheel?

That’s why all of our software is geared toward capturing your client’s case data at the outset, and integrating it into all of the ensuing legal forms, correspondence, and financial statements including—most crucially for real estate deals—your HUD forms.

Once the data’s been captured, Easy Soft’s Easy HUD Software performs automatic calculations—resulting in pitch-perfect HUD closing statement (and other forms and statements) every time.

‘Wouldn’t all software increase my accuracy, though?’ you wonder. Getting a machine to do something better—in less time—is always the goal of technology, right?

This is partly right—but it’s also partly wrong. It’s true that all real estate closing software seeks to automate some portion of a real estate closing. But some HUD software packages may segregate legal forms from financial statements, requiring you to entirely re-enter some of the case data.

Not with Easy Soft. Our HUD software is fully integrated. What this means? It’s a low-touch system: the minimization of entries minimizes human error. You need only enter any piece of data one time—not multiple times, in multiple programs. You need only make sure that one entry is accurate, and after that, you can wash your hands of it: you’ve done your job. Our HUD-1 software will use that data in all calculations, forms, and statements that call upon it—including the monstrously complex, comprehensive HUD settlement statement (also known as a HUD closing statement, or HUD-1 ).

We at Easy Soft feel like making your practice more accurate isn’t too much to ask of technology. Just call us, get a real person on the line, and find out how genuinely excited we are to help!

About Easy Soft: Easy Soft has been a legal software leader since 1986. The company offers specialized solutions for real estate, family law, time, billing & trust account management and document automation. More than 15,000 customers nationwide use Easy Soft products to increase office productivity. Visit us on the web at: http://www.easysoft-usa.com


Article from articlesbase.com

Categories: Hud-1 Software Tags: , ,

How to review title commitments and HUD1 settlement statements

March 9th, 2011 Comments off

How to review title commitments and HUD1 settlement statements
Video Rating: 0 / 5

Categories: Hud-1 Videos, Hud1 Tags: ,