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Old 10-29-2013, 06:17 PM
 
Location: Houston,TX
113 posts, read 157,157 times
Reputation: 51

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hello.. i am in process of buying a property on short sale cash paid next week. i am preparing in advance in case of any issue arises. Do both buyer and seller sign the hud1? what happens if seller wont sign on closing day or the process got delayed due to any other issue. I need to pay money to title using cashiers check. is there a risk here if transaction will not go through? will i get my money back? Also do sellers bank need to approve the hud1 again? they already have bank approval letter and at final stage. any information is helpful. feedback is appreciated thx
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Old 10-29-2013, 08:18 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 16,083,869 times
Reputation: 15204
Yes, both sign HUD. Yes, you will get your money back if it doesn't go through and it's selling side's fault. Yes, seller's bank has to approve HUD. Why wouldn't seller sign? It's than seller's lender that is always the problem child. They can delay closing due to pure incompetence, which happens often. Then you have to extend contract via an amendment that everyone signs off on, if you continue to want it. Short sales are a pain for normal buyers - investors don't mind, because their life isn't revolving around the close, like yours is. Good luck - maybe it will go smoothly.
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