Jun 30 2010
Title Agent Critical To The Short Sale
With a week devoted to Title process and padding the HUD, today’s focus is on dealing with a first-rate Title Agent. If you are wondering what you pad in HUD, this is where a trusted Title agent comes into the picture. Realize that the reason you need to have this type of Title agent is because they need to understand that sometimes you may need to pad a HUD a little more than other real estate transactions because you are dealing with a unique state of affairs referred to as a short sale.
Much like the differences in real estate professionals, there are differences with title agents that deal with short sales. Take into account that if you are working with an escrow administrator that has been in the business for 30 years and has always done things in one specific way, you will possibly get a little resistance. You may want to take into account the mindset of the person that you are working with that won’t have to work outside of their comfort zone.
Other crucial factors include the Title agents work ethic and urgency level. There will be times that you want a HUD ASAP to put off a sale date or close a buyer before they walk away. Banks sometimes catch you off guard and you need a HUD in a couple hours. Ensure that you have a title agent that can handle these demands.
Kevin and Fred have a normal process that permits them to get their HUD back in four business hours or less. Their escrow officer knows that when a HUD needs to be revised there is a agreement coming up very soon. Also, the escrow officers are always careful to review the approval letters and keep the client informed and educated all through the development. They also submit the final HUD to the bank for final approval. You must be on the same side running toward the same objective with your escrow agent.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
