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Title Agent Vital To The Short Sale
By Vic Hurlstorm | August 2, 2010
With a week committed to Title process and padding the HUD, today’s spotlight is on working with a good Title Agent. If you are wondering what you pad in HUD, this is where a trusted Title agent comes into the image. Realize that the reason you need to have this kind of Title agent is because they need to comprehend that sometimes you may need to pad a HUD a little more than other real estate transactions since you are dealing with a distinctive state of affairs called a short sale.
Much like the differences in real estate agents, there are differences with title agents that deal with short sales. Take into account that if you are working with an escrow representative that has been in the trade for 30 years and has always done things in one specific way, you will possibly get a little resistance. You may want to mull over the mindset of the person that you are dealing 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 need a HUD ASAP to delay a sale date or close a buyer before they walk away. Lenders sometimes catch you off guard and you require a HUD in a couple hours. Ensure that you have a title agent that can cope with these demands.
Kevin and Fred have a typical procedure that allows them to get their HUD back in four business hours or less. Their escrow officer realizes 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 up to date and educated throughout the procedure. They also submit the final HUD to the bank for final approval. You must be on the same team working 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
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