The real estate market seems to be improving nationwide but short sales are still a common transaction seen by agents. Job loss, illness and divorce may prevent a homeowner from being able to keep up mortgage payments and a short sale is a preferable alternative to a foreclosure. Short sales tend to be higher pressure transactions then other real estate deals due to the time frames and emotions involved and everyone wants to get it over with, so it is frustrating when the deal falls after months of waiting due to some error on the HUD-1 form.
Agents and buyers who were indecisive and lackadaisical during the short sale negotiations suddenly pore over the HUD settlement statement form like CSI investigating murder scene. Seemingly trivial problems such a $10 fee entered in the wrong category or a name spelled differently than as listed on the title suddenly become critical problems that threaten to torpedo the deal. Agents should always be careful when completing the paperwork but they need to be especially thorough when it is for a short sale.
Filling out government forms isn’t anyone’s idea of a good time, but Easysoft Legal Software real estate closing software eliminates much of the tedium. No longer do you need to enter the same information in several places. Type in the data once in the case file and the software will automatically fill it in on the closing form or any other documents generated. Since you don’t have to keep retyping the information you are less likely to make keying errors on the form.
Another advantage of using HUD settlement statement software is that the computer does the math for you. You don’t need to worry about entering the numbers wrong into the calculator or copying them incorrectly onto the form. Less human interaction means fewer chances for silly mistakes.
With a comprehensive, accurate and mathematically correct form in hand the buyer or lender will have no reason to object to the document or to hold up the short sale. The process proceeds more smoothly meaning fewer headaches for the agent, buyer, seller and lender. Everyone walks away from the table satisfied.
Contact one of the experts at Easysoft Legal Software to find out more about how our real estate products and law practice management software automate the tedious aspects of running your business, freeing you to focus on finding more clients and making greater profits.