Nikita1963, Home Seller in Brandon, FL

I would like to know if there is money that is buffered in the HUD1 what happens to the money that is the over? I have a short-sale but on the HUD1.

Asked by Nikita1963, Brandon, FL Thu Nov 18, 2010

my house is a short-sale @233,500. 1st mort. 165000 payoff till nov.29 then other cost in fees 24147.00,7005.00 closing cost of buyer, taxes4675.07(highside) = 32672.93 but because she is buffering she has 169845.57 for first payoff so it all equals O? If time of closing the first is actually 165000. where does the remainder of money go? She is offering 27827.36 to 2nd mort. and not what the whole difference? what happens to the over buffered money? Will 2 get more because 27827.36 is an estimated number? I want them to recieve all over funds, title person said they will be happy with 27 because its more than if it went into foreclose. I think they need to get all funds that were buffered!

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Adam, , Lafayette County, LA
Thu Nov 18, 2010
usually on an acceptance letter, the first mortgage puts a little stipulation in there stating that all leftover proceeds go directly to them...check the acceptance letters and see which one states it....If nothing, and you don't want to overpay the first, then let it go to second...Remember, as the seller, you are getting 1099'ed at the end of the year for anything you are "short." Good luck. Thanks.
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