With a week dedicated to Title procedure and padding the HUD, today’s focus is on dealing with a good Title Agent. If you are wondering what you pad in HUD, this is where a trusted Title agent comes into the picture. Realize that the reason you need to have this kind of Title agent is because they need to appreciate that sometimes you may need to pad a HUD a little more than other real estate transactions since you are dealing with a unique situation called a short sale.
A great deal like the differences in real estate brokers, there are differences with title agents that deal with short sales. Take into account that if you are working with an escrow administrator that has been in the trade for 30 years and has always done things in one specific way, you will probably get a little resistance. You may want to consider the mindset of the person that you are dealing with that will not have to work outside of their comfort zone.
Other important factors include the Title agents work ethic and urgency level. There will be times that you want a HUD ASAP to postpone a sale date or close a buyer before they walk away. Banks occasionally catch you off guard and you need a HUD in a couple hours. Ensure that you have a title agent that can deal with these demands.
Kevin and Fred have a standard process that allows them to get their HUD back in four business hours or less. Their escrow officer understands that when a HUD needs to be revised there is a deal coming up very soon. Also, the escrow officers are constantly careful to review the approval letters and keep the client up to date and educated throughout the procedure. They also present the final HUD to the bank for final approval. You must be on the same team working to the same goal with your escrow agent.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
