Once the bank has verbally accepted an offer on a short sale, how long does it take to get the HUD statement?

Asked by Laurajo, Saint Petersburg, FL Tue Dec 16, 2008

We are trying to buy a short sale home. According to the listing agent, the bank has verbally accepted our offer. How long until we should be able to get the HUD statement and get to closing? Is there a possibility the deal can still fall through? We have already had the home inspected and paid for the appraisal and stand to loose all that money if it does.

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Merle Huber, , Saint Pete Beach, FL
Tue Dec 16, 2008
There is a Time Period clause in the "short sale addendum" .Usually the "Effective Date" should be the date the Seller delivers written notice to Buyer that the contract has been approved by the lender.
I would usually put in the additional clauses " The closing shall take place X amount of days from the effective date.
There is another option and that states: All the time periods under the contract shall commence from the effective date under the contract.That would mean that the date you have on the original contract would be the closing date.
Without anything in writing you really do not have executed contract.
Your agent should try to get the approval of the contract in writing.
Hope this helps.
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Myke Atwater, Agent, Santa Rosa Beach, FL
Tue Dec 16, 2008
Generally, your HUD statement will be provided no later than 24 hours prior to closing. You can get a preliminary HUD from the title company by asking, but it will be a preliminary one, and the figures will adjust some depending on the closing date. How soon you can go to closing will depend on how soon the title company can complete its work to clear the title. You can't get your mortgage without a clear title and probably a clear WDO inspection. Your realtor should be able to guide you through this process. If you aren't using a realtor, contact the title company.
Web Reference:  http://www.MykeTriebold.com
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