Many people get into real estate because they think it’s a simple business. They are then surprised when they realize how complicated it is. Keeping track of taxes, financing options, an endless number of fees paid to an endless number of providers, as well as all the other details of the HUD-1 settlement statement quickly overwhelm people, but there is help.
Keeping It All Straight
A basic real estate transaction isn’t that basic. Let’s start with taxes. Even if you practice only in a single tax jurisdiction, the tax tables often vary depending on factors such as the type of property (residential vs. commercial) or the length of the mortgage. The IRS tends to frown upon people who calculate taxes incorrectly.
Taxes are only one aspect of a real estate sale. All of the other fees for insurance, commissions, inspections and more come out of a central pot of money and it can be exhausting and confusing to keep track of them all.
Then you get into the GFE-HUD comparison mandated by HUD. While this is meant to make loans more transparent for consumers it’s a lot more work for agents and attorneys. Trying to keep all of these details straight in your head or on paper takes hours of time, and there is a significant chance of mistakes that will take more time to track down. You need an alternative.
Using the Right Tools
Real estate is still a great business to get into, especially for solo practitioners looking for a flexible way to earn money. As the housing market rebounds, more people are considering real estate careers. Sales and purchases don’t have to be complicated as long as you arm yourself with a tool like Easy HUD real estate closing software.
Computers are very good at juggling the myriad details of each real estate sale. They can handle the complex calculations. They can track the different tax tables and prepare the GFE-HUD comparison sheet with ease. It doesn’t have to be hard.
You don’t have to be a computer expert either. Easy HUD has an intuitive design that allows you to get up and running within minutes without a thick manual or the need for long classes just to figure out the basics.
Download a trial version of Easysoft’s HUD preparation software and try it out for yourself. Or buy the full product and try it risk-free for 30 days.
