Posted by TheShortSalePro on August 02, 2003 at 07:17:28:
If the mortgage loan to be ‘shorted’ is an FHA insured mortgage loan, then yes, all that HUD crap needs to be satisfied.
The HUD counseling is free.
You should be able to find a broker willing to list and prepare a Purchase and Sale Agreement at a discount. If you can’t, let me know. I work with brokers across the USA in the listing, preparation, presentation, and negotiation of short sale proposals.
Shortsales- how necessary is all this hud-crud? - Posted by Eric-MO
Posted by Eric-MO on July 31, 2003 at 09:50:13:
I keep coming across pre-foreclosures with little equity and attempt to short-sale with the bank. The problem is, about 30% of the time the shortsale packet from the lender is the HUD standard mortgage assistance program packet. Is everything in that packet necessary to get approval from HUD?
Example: the loan counseling session. Does the (usually broke) seller have to pay a fee for this counseling session?
Is the listing agreement a necessity? Only one in 10 foreclosures seem to get listed with a realtor. Has anyone tried getting a realtor to write a listing agreement for a short sale with a discounted commission. They’d just need to do the paperwork and never actually show the house. Is a 2% commission enough for this purpose?
regards,
Eric