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We are under contract to purchase a short sale. We were notified that the bank has requested a preliminary HUD 1. Our agent says this pretty much means our offer is basically approved. Once a short sale gets to this point does it mean that approval is close?
Requesting a preliminary HUD1 means nothing. It should be submitted with every contract submitted for a short sale. It means the listing agent "forgot" to include it in their package for approval. It means they want to see what they would net with your particular contract, as each is different, and they will reject/approve the contract from there.
Requesting a preliminary HUD1 means nothing. It should be submitted with every contract submitted for a short sale. ...
Right, that's just a basic part of the submission package. I guess on the positive side, it indicates that the bank at least has looked at the paperwork. But by no means is an indication they will approve it.
What it means depends on where you are in the process. If you are recently into the process it means you have a listing agent that doesn't know what they are doing since the HUD-1 is a required document of every short sale packet. If you are 45-60 days into the process, then it can mean that the bank wants an updated HUD-1, and may have verbally countered the listing agent on closing costs, seller payments, etc and they want to see that final tally before issuing the approval letter. It just depends on why they are asking for it.
Hello.. We are requesting a short sale thru our bank. They had offered us a trial period with only a 134.00 decrease per month in a mortgage payment.. this is unaffordable for us. We have completed all necessary paperwork on our part. Our realtor is yet to complete this preliminary hud-one.....and now we are getting letters from the bank insisting it be sent to them or... unable to move forward. Recently, our realror now is working thru an equator system with the short sale dept.
My question, if the bank is already working with out realtor thru equator..and an offer has been sent also. Does this mean we are close?? to getting an approval for this short sale? 2 offers went in and I was told the bank wants to work with the 170.000.
We are very confused... and do not want to lose our buyer. The most recent appraisal for the houe is 160,500. we owe close to 200,000. and the offer is for 170.000. I would think.... the buyer should except quickly on this. Also a BPO was done and their FHA mortgage has been approved.
What do you think????
I meant to say..... the bank.....holding the mortgage should act quickly??? and except this 170,000. offer?? since an updated market value.appraisal came in at 160,500.
Well I guess my agent was right because our short sale is now bank approved!
Good for you!!! Congrats!!! can I ask what bank? _ how long did it take?
I am on hold for US Bank... deadline is mid night tomorrow- so do I extend-- do I not? in either case- pop that bubbly tomorrow night you made it!
Good for you!!! Congrats!!! can I ask what bank? _ how long did it take?
I am on hold for US Bank... deadline is mid night tomorrow- so do I extend-- do I not? in either case- pop that bubbly tomorrow night you made it!
Presumably they popped the bubbly two years ago
Good luck on your transaction!
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in either case- pop that bubbly tomorrow night you made it!
