This is actually a program he and his brother Graham (“Mr. Banker”) released privately several months ago, limited to his social networking site subscribers.
But after having received a good deal of positive feedback from BETA testers, seems they’ve decided to open access to the HUD-1 Generator to the general public at no charge.
(It’s a part of the promotion of their coming-soon auto-fill forms software.)
How it works…
Seems to be pretty simple and easy. Basically you just fill in a few simple fields, and it spits out a HUD-1 for you.
It works similarly to their REIFormsGenerator software – autopopulating the key fields you need to make it super easy, but also giving you the flexibility to customize/tweak the output to your heart’s content.
It’s really a pretty darn good marriage of simplicity and customizability if you see it in action.
(Btw, spell check tells me “customizability” isn’t really a word…but I DEFY SPELL CHECK!)
Cool Because It’s Free…
It should be noted that there are other similar services out there, but this is the first one I’ve ever seen that’s available free to anyone and everyone.
Kudos to you, Ross and Graham! 🙂 Freebies rock!
Why would anyone need this?
The bigges benefit is for short sale investors. (Graham is “Mr. Banker”, so go figure! 😉 )
A key element of the “short sale package” that must be submitted to every single lender on every single prospective deal you have in the hopper is a PRELIMINARY HUD-1 SETTLEMENT STATEMENT.
It’s not the final HUD that comes at closing. But they (the foreclosing lender) are always going to want to see an early “rough estimate” copy so they can get a good idea of what their bottom line will be if they accept your offer.
Problem is, a lot of folks find the HUD-1 a scary, complicated document to deal with. And I can understand that – it’s got a LOT of stuff on it and a gazillion blanks to fill out. Now that I’ve been doing this for 8 years, I’m pretty darn used to them. But the first couple of years I was intimidated to death.
That’s where a generator like this comes into play.
Since the lender’s not looking for a “final” HUD, but more of a “rough idea”, this kind of thing is PERFECT for making it super simple and fast to get one together that does exactly that for them.
No more paying an attorney or calling one of your more experienced real estate friends, begging them to help you out.
Hope you enjoy using it in your real estate business!