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FirsttimeHom…, Home Buyer in Downingtown, PA

HUd-1 report in Malvern/Paoli Pennsylvania

Asked by FirsttimeHomebuyer, Downingtown, PA Wed Feb 15, 2012

Who gets (title company or attorney if hired) the copy of HUD-1 report to buyer before the settlement? and how many days before?

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Nick & Trudy Vandekar’s answer
In the market today, many banks are delaying sending out their documents to the closing company, this stops the title/closing company getting them out to you in a timely manner. There is nothing a buyers agent can do about that, it is your banks fault usually. Trying to get rid of your agent at this stage is counter productive, if they showed you the house, wrote the agreement of sale and handled negotiations they are most in a position to help you resolve issues. But remember there is only so much that an agent can do. It seems as if you have been handling the bank and title company on your own, not using a company referred by the buyer agent. Just because the agent gets paid out of sellers funds, does not mean you are not represented, unless you used the listing agent to do the paperwork. Remember, it is your payment that provides the funds for the purchase allowing the seller to pay the agents and his mortgage off.
Web Reference: http://www.VandekarTeam.com
0 votes Thank Flag Link Thu Feb 16, 2012
Hello Firts time.,

I have not seen it written anywhere but I say its the lenders responsibility. By law the HUD has to be delivered 24 hours prior to settlement. So if the lender doesn't deliver it on time you cen't close on time.

0 votes Thank Flag Link Thu Feb 16, 2012
Did the agent you are working with show you the property, issue a buyer's agency agreement, write the offer, negotiate the price with the Listing agent, etc.? If so, then there is good possibility the agent is due the commission at settlement. As for a real estate attorney, try Attorney's Abstract in Malvern.
0 votes Thank Flag Link Wed Feb 15, 2012
Typically the (title Company/attorney) issues the HUD-1 to all parties involved in the transaction. It could be a few day before closing as long as all conditions on the Mortgage have been cleared in a timely manner. In any event the Title Company and/or agent will inform the buyer on how much needs to be brought to settlement to finalize the transaction.
0 votes Thank Flag Link Wed Feb 15, 2012
ask your agent. in our area it's customary that the agent (who then shares with the buyer) and the lender get copies of the HUD prior to settlement - usually a day before but the title company needs the info from the lender before they can prepare it, so if the lender isn't ready in time the title company can't get the HUD done in advance.
0 votes Thank Flag Link Wed Feb 15, 2012
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