Does the homeowner need to be at the actual closing for short-sales? Is it possible to have the title agent send him the HUD a day or two before and have him sign it and then fax it back to title agent so that at closing he doesn't have to come?
The seller need not be there. Not only the HUD 1 would need to be signed, in advance, but the deed, affidavit of title, etc.
I have found mistakes in the docs at the closing table, so I think it's prudent to have someone knowledgeable there.
We have our sellers attend every closing with us. In addition, we have the sellers sign a limited power of atty on every deal in case they decide to skip and in case we need to correct errors.
No seller at my last closing and it was a pain as there were items of dispute. We wound up walking (we were the buyers), although we did come back a week later and close the deal.
Chris
I really think it's area related.
Here, central VA, it's assumed that the seller will not be at the closing because if there is a loan the buyers' financial info is reviewed with the closer. The seller or their attorney is faxed a copy of the HUD-1 before closing for review. Deeds are signed before hand.
Jim
Forgot to add that the seller's proceeds are not distributed until the new deed is actually, physically recorded at the county courthouse.
[ Edited by jimandlacy on Date 01/25/2008 ]
I have done lots of closings by overnight mail both as the buyer and as the seller. Fax machine, wire transfers, and FedEx means I never have to attend a settlement in person.
Although, HUD did have a rule that settlement must be in person when buying their foreclosure properties.
I have done lots of closings by overnight mail both as the buyer and as the seller. Fax machine, wire transfers, and FedEx means I never have to attend a settlement in person.
Although, HUD did have a rule that settlement must be in person when buying their foreclosure properties.
Here I have never yet seen a final HUD before I got to the closing table.
Chris