The Importance of Carefully Reviewing the HUD Statement
By Marie Story, Broker Associate, Pinecrest (Miami) Specialist
(Coldwell Banker - Pinecrest (Miami))
You have found the house you want to purchase; you’ve gone through all the negotiations, loan requirements, inspections, appraisal, etc. Weeks have gone by and now you’re at the closing table – the key is just a few minutes away, but wait, there’s one more hurdle - the HUD Settlement Statement. The HUD statement (Department of Housing and Urban Development) is a document that itemizes all debits and credits to the Buyer and the Seller. It’s a list of what you are paying, to whom and for what, and what credits are being given to you. You really should receive your HUD statement at least one day before closing; but in real life, that usually doesn’t happen. Most times you will see the HUD statement a few hours before closing and sometimes not until you get to the closing table. In ...
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