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Old 05-08-2012, 03:24 PM
 
23 posts, read 16,537 times
Reputation: 43

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We are selling our home and signing the documents tomorrow and actual closing on Thursday. I have requested the HUD statement twice from the title company so I have time to review it before we are actually sitting down in their office and have had no response. I just want to check prorations are correct, commission and what the final net proceeds are. Is it unreasonable to expect to receive the HUD before you actually sit down to close? I'm trying to be reasonable but want to review and have my attorney review. Thanks.
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Old 05-08-2012, 03:46 PM
 
Location: Austin
4,451 posts, read 8,405,069 times
Reputation: 3594
It's not very typical to have a HUD-1 this far in advance. You might get it the day before closing or even the morning of the closing. If the buyer's lender hasn't sent their closing docs or approved the HUD1 yet, you're not going to receive it. Shouldn't your agent be double checking prorations and such?
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Old 05-08-2012, 03:54 PM
 
Location: Salem, OR
10,993 posts, read 18,889,531 times
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Typically we get ours 24 hours before signing but sometimes it is just a couple of hours if we are in a time crunch.
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Old 05-08-2012, 03:58 PM
 
Location: Lakewood Ranch, FL
3,254 posts, read 3,269,571 times
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In a cash transaction, it's pretty easy to get a HUD a few days early but RESPA (real estate settlement procedures act) only requires it to be distributed a day ahead of time and everyone (in the biz) knows, as Falconhead West pointed out, that many times that is impossible because the buyer's lender isn't on top of things. It's not the agent's fault or the closer since there's nothing they can really do. But, your agent can certainly request a preliminary HUD a few days early so you/your agent can take a look at the figures that are not coming from the lender.
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Old 05-08-2012, 06:23 PM
 
Location: Cary, NC
19,691 posts, read 31,496,365 times
Reputation: 16784
"No response" is not good.
Otherwise, I agree with the others.

And if there is an error, you may not see a correct HUD until you are at closing.

Calculate your prorated items now, and you will know if the HUD is right in a couple of minutes. They are all done in software, so a revision is no big deal.
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Old 05-09-2012, 12:48 AM
 
841 posts, read 760,400 times
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RESPA requires that you be provided with the HUD-1 at least one day prior to the closing. This rule is frequently violated by title companies. If you push the issue then they'll probably tell you that they'll just push your closing out to a future date.

If you have an attorney then that attorney should prepare a buyer's statement in advance of the closing. The buyer's statement is basically your side of the transaction that would normally appear on the HUD-1. In any event, it's usually the attorney who knows the people at the title company and is able to at least get a preliminary copy that may be subject to change.

The attorney then compares his or her buyer's statement with the HUD-1 at closing.
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Old 05-09-2012, 05:52 AM
 
Location: MID ATLANTIC
4,032 posts, read 8,732,468 times
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I'm sitting here.......maybe I need more coffee, but the buyer is entitled to a HUD 24 hours in advance upon request. If the lender isn't ready, it can delay closing. But does RESPA protect the seller with an advance HUD?
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Old 05-09-2012, 11:55 AM
 
841 posts, read 760,400 times
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You're right about that- I though the OP was the buyer. In any event her attorney can still request an advance copy of it. The title companies usually assume they are dealing with attornies who can quickly review these documents at closing.

The seller's agent shoud have prepared a seller's net sheet prior to accepting the offer which would have given her an estimate of the sale proceeds.
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Old 05-09-2012, 01:28 PM
 
37 posts, read 25,314 times
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My hud was still being approve when I started signing papers.
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Old 05-09-2012, 01:41 PM
Status: "It's 5 o'clock somewhere." (set 23 days ago)
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,175 posts, read 11,595,668 times
Reputation: 4950
I usually get a heads up HUD (unofficial) from my favorite escrow officer 48 hours ahead of time so I can review it before it goes to the buyer/seller. It's very helpful to be prepared ahead of time if there are items of interest to the client that I can explain to them.
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