When it comes to Short sales the key to a successful closing is the ability to maintain an open communication between Title Masters and the Realtor at all times. CHANGES are going to take place. Being diligent and compliant is very important in bringing this transaction to a level closing.
Title Masters Settlement Department is experienced with HAFA Programs and the Lenders Role and guidelines. We know what is expected from the specific short sale matters in connection with the realtor to the preparation of the Preliminary HUD and the Final HUD itself. Requesting and tracking the Affidavits and Statements promptly is vital to our common goal.
We understand the importance of due diligence with HUD approval within 48-72 Hrs. Due diligence is then extended to getting all Short Sale Documents along with a Certfied Copy and Wire Transfer Confirmation.
- Detail Scrutiny of Short Sale Agreement by our underwriting counsel
- Compliance with Short Sale Lender Restrictions.
- Client’s awareness on how they affect title (not to sell the property within a certain time frame and/or re-sale price restriction)
- Awareness of the limits of a short sale: disbursements to short sale lenders made to the exact amount of the agreement
- Money allocated from the Lender’s for the short sale has to be carefully managed in order to pay off miscellaneous items: i.e. discharges, sat. Judgments, final water and sewer, current charges of utilities
- Coordination with all parties to work out in a fiduciary manner in order to cover all this expenses however surprising or unexpected
- Since there is no escrow allowed we coordinate final utility readings before closing