It’s now becoming mainstream media headline news: according to CNN, short sales are expected to surge in 2012. It seems American homeowners have figured out that short sales are an alternative to foreclosure. In January alone, CNN reported that short sales rose 33% compared to the same time last year.
If you’re already a practicing real estate attorney, now is the time for you to download a free demo of our Easy HUD software to make all your HUD-1 forms as easy as automation can be. With Easy HUD, you get the power of a single data entry point that automatically fills in all the blanks on HUD documents, including the HUD Settlement Statement .
In a short sale, the lender accepts a lesser payment than what is owed in satisfaction of the loan. The lesser figure can be proffered when a ready buyer makes a written offer on a property and the seller wants to accept the offer.
What else is about to contribute to the short sale trend in 2012? New regulations from the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac that will make our HUD software more useful than ever. News is that the FHFA is going to require lenders to respond to short sale requests within 30-days. This regulation could drop the lender response time to 30-days from an average of over 300-days, further increasing the desirability of short sales over foreclosures. Are you ready to HUD 1 at Mach 1?
In response to these regulations, you’ll also be expected to act quickly on behalf of your clients. With our Easy HUD software, your automation of the HUD 1 Closing Statement will save you time and allows your client to complete the short sale as soon as the lender gives the okay. Our HUD 1 will make you Number 1 with your clients.
As a practical matter, even with the new regulation, there may continue to be other delays between approval of a short sale offer and the closing of the transfer of title. With our Easy HUD software, no matter how many times a closing is rescheduled, the calculations are easily recalculated by the software and put straight into forms like the HUD 1. You simply input the closing date, the annual taxes, the tax rates, and let Easysoft do the rest, including the HUD Settlement Statement .
As fast as you can say “ HUD 1 ,” you can start your free download of a trial copy of the Easysoft HUD software to help you prepare for the surge in short sales. Now that’s a wave that worth catching.