Preparation of HUD-1

Group Member

Nov 8, 2009 5:02:18 PM

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I don't have a problem working with title companies in the area who are very supportive in the preparation of preliminary HUD statements for use in connection with short sale submissions but there are times when it would be convenient to prepare these without calling on the title company.

I don't think this topic has been discussed here. If it has I missed it. I have not used this website but it sounds interesting.

http://www.freehud-1.com/

I am curious if any of you have used this site or other free sites that allow you to prepare your own preliminary HUD 1 statements.

John Cleek

R. Ann Bliss

Group Member

Nov 9, 2009 11:16:37 AM

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John: How funny I should have just read your query regarding HUD-1 statements just as the reps from Chicago Title came in the door. Laura Beal loaded an application called 'Bottom Line' to my laptop. And it does just what you are asking for. Contact your local Chicago or Fidelity to get your copy and start estimating to your heart's content!

Annie Bliss

Jennie Blackburn, CDPE

Group Member

Nov 9, 2009 11:26:43 AM

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Thanks for the HUD link, John Cleek!

Jennie Blackburn

www.StopFloridaForeclosureNow.com

John Cleek, Ph.D., e-PRO

Group Member

Nov 9, 2009 9:30:30 PM

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Sounds good. Thanks

Tim Bateman

Group Member

Nov 10, 2009 8:19:08 AM

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Thanks for the link John, All the title companies here in Idaho fllas want you to open up an order in to do a pre-hud so this will help me out tremedously.

Catherine Myers

Group Organizer

Nov 10, 2009 8:29:04 AM

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I do think having this tool is great. However, I open an order and pull a pre because a good portion of them have surprises on them. Clients who "didn't know" they had a tax lien. Or, "what third mortgage?" Or, oh.. cross collateralization for my business.. "oh yaaaah."

So I love the resource as some are just going to be straight forward and you can tell that.. and for those , it's a great way to get it in, and get it done quick. THANKS!

John Cleek, Ph.D., e-PRO

Group Member

Nov 10, 2009 10:22:17 AM

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It should be used with caution for the reasons Catherine mentioned plus there really isn't a free lunch. When you sign up to use this site you are inviting them to solicit you for other products or services but you can handle that by setting a filter to avoid being inundated.

in Kansas we are required to give our buyer or seller clients an estimate of their costs or the net income from a sale before we have the title company HUD 1. I like to have a tool like this to use to make a quick preliminary calculation. Used with caution it can be helpful.

John

John E Cleek, Ph.D., REALTOR®

Accredited Buyer's Representative (ABR)

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Gael Adair Grove

Group Member

Nov 11, 2009 9:04:18 AM

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Hi,

I just asked my Fidelity Rep about it and they haven't heard. any more info on this that you could share would be super!! thanks!

Gael Grove

Quoting R. Ann Bliss:

John: How funny I should have just read your query regarding HUD-1 statements just as the reps from Chicago Title came in the door. Laura Beal loaded an application called 'Bottom Line' to my laptop. And it does just what you are asking for. Contact your local Chicago or Fidelity to get your copy and start estimating to your heart's content!

Annie Bliss

Debbi Cadwallader

Group Member

Nov 13, 2009 9:09:47 PM

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Quoting Gael Adair Grove:

Hi,

I just asked my Fidelity Rep about it and they haven't heard. any more info on this that you could share would be super!! thanks!

Gael Grove

Quoting R. Ann Bliss:

John: How funny I should have just read your query regarding HUD-1 statements just as the reps from Chicago Title came in the door. Laura Beal loaded an application called 'Bottom Line' to my laptop. And it does just what you are asking for. Contact your local Chicago or Fidelity to get your copy and start estimating to your heart's content!

Annie Bliss

Does anybody have a free download so the rest of us could do the preliminary HUD numbers? It would be great for all deals. Also, I have my Certified Distressed Property Expert certification and we were taught that all VA and FHA deals must pay 6% commission. That came down from the Federal government. As far as splitting the commission, my office encourages us to do it 50/50. It establishes goodwill with fellow agents. We are a big office in a small town, but won the RE/MAX award for most closed transactions in the state for 2008. That may have had something to do with it.

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