Adjusting HUD-1 settlement statement after remodel?

[Christian Becker]

So, I was listening to a bunch of podcasts recently while working out, so I unfortunately don't remember who was on at the time, but I had jotted this down on my notepad in a hurry.
The following was mentioned and discussed:
(1) buy a property in cash
(2) remodel the property in cash
(3) call the title company/attorney and have them add the remodel cost to the HUD-1 settlement statement. This was apparently possible without going through escrow, but could also be done by putting money into escrow and then paying the contractors out of that.
(4) do a Fannie/Freddy delayed financing deal, including the purchase + remodel because they are now included.
Sounds like the ultimate sweet deal to me since Fannie/Freddy takes the lesser of LTV and the settlement statement, as long as the ARV is pretty good. One way to get your remodel 'financed in'. Anyone doing this?

[Alexander Felice]

@Christian Becker

You pay for the purchase and the rehab all together at the time of closing and you must use YOUR cash, no outside borrowed funds for delayed finance.

Now you can refi 100% of what's on line 120 with no seasoning period.

Make sure you find a lender who can do this BEFORE you close on the deal.

Aslo, you can't edit a HUD-1 after the fact.