It is a good idea to understand the HUD or the net sheet at the very beginning stages of selling your home. What is a HUD? The HUD is short for Housing and Urban Development. When agents or Title Companies refer to the “HUD” they are talking about the HUD statement. This sheet explains in detail all of the costs associated with a real estate transaction. This type of document is typically prepared by a Title Company. The net sheet and HUD Statement project the closing costs, fees, and commission associated with selling a home. This will give the home seller a pretty good idea of what their bottom line will look like. There are a couple of other ways to get to the bottom line. Another format is a sellers net sheet. I have attached a copy of this form so a home seller will have an idea of what expenses they might incur.

HUD Statement
This is just an estimate and subject to change, but it should provide a rough idea of costs associated with selling a home. Two of the biggest variables can be the 1st and 2nd mortgages. People trying to sell their homes should call their lender and get a 14 or 30 day payoff amount. The pay off amount changes every day. That is because interest is figured on a daily basis. That means that the payoff that is given today will be different than the payoff given in a couple of weeks. If the bank gives a 14 day pay off it will be good for 14 days. The final payoff amount will typically be different when it comes to the settlement date because it is constantly changing.

This is the official  HUD Statement

This blog post was shared by Kevin Richey.
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