Forclosing lender wants net sheet from sellers??? - Posted by diana

Real Estate Investing Real Estate Financing
1

Posted by Abel on August 04, 2002 at 08:59:50:

Thanks, Monique, for clearing that up. I thought that is what a net sheet was, but not certain.

Thanks again,

Abel

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Forclosing lender wants net sheet from sellers??? - Posted by diana

Posted by diana on August 03, 2002 at 07:33:25:

I sent my short sale proposal off the the forclosing lender. The morning they got it they called the sellers of the home and said they can not work through me-only them( I had sent a signed release form but it didn’t matter)

Lenders informed them they will be sending a packet with a net sheet for the sellers. Sellers have no idea what this is so I told them to just let me see the stuff they send.(The net sheet was the only thing I didn’t send because I have never filled one out before-this is my first attempt at a short sale)

Also lender told sellers they will be sending a realstate person from the area to do a soft appraisal.

Does this sound like the lenders are willing to do a short sale?

What about the net sheet. My realtor gave me one today to see and I noticed there is two columns to fill out. One labled “list price” and the other “offer/sale price”

Do I just fill out the column with my offer and take it to the title company to fill out the closing fees?

Any info would be appreciated.

Diana

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Forclosing lender wants net sheet from sellers??? - Posted by mei122@aol.com

Posted by mei122@aol.com on August 04, 2002 at 13:49:11:

Good job! How did you come across this short sale situation?

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short sale - Posted by Gerald-DC

Posted by Gerald-DC on August 04, 2002 at 12:39:39:

Bravo Diana for doing your first short sale. Hope all works out well for you.

What do you intend to do with the property once you acquire it?

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This is common - Posted by MoniqueUSA

Posted by MoniqueUSA on August 03, 2002 at 15:55:09:

Diana,

It is very common for a lender to get an appraisal or BPO (broker’s price opinion) before accepting a short sale offer. The value of the property is a critical factor to whether or not your short payoff offer is better than proceeding with the foreclosure.

A net sheet, also called a HUD1 or a Settlement Statement, is typically prepared by the closing attorney or title company. While the same concept, the HUD1 is a different document than the document a Realtor would produce for a seller to show them what they would net upon sale (taking into account the offer price being lower than the asking price, commissions, closing costs for the buyer, etc.). So do not use the “net sheet” that your Realtor gave you.

Take your Purchase Agreement to your closing attorney or title company, and ask them to prepare a HUD1 as if they were closing on the date you plan to do the short sale. This will show the lender what they would net from your short payoff offer.

MoniqueUSA

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Re: Forclosing lender wants net sheet from sellers - Posted by Abel

Posted by Abel on August 03, 2002 at 14:52:07:

What is a net sheet and where can I get one?

Thanks,

Abel

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Re: Forclosing lender wants - Posted by Chuck

Posted by Chuck on August 03, 2002 at 12:20:53:

If they plan on doing an appraisal, then I’d guess a short-sale is not going to happen.

'Course I could be wrong… but that’s my gut feeling on it.

My understanding is that you offer something like 50 cents on the dollar due, and they either bite or tell you to buzz off… but I haven’t looked into this to any extent.