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Updated over 10 years ago on . Most recent reply
Closing HUD help
Closing on my first house tomorrow. Took 3 months to flip it. I don't really understand the HUD numbers and feel as if im getting gauged in costs.
Can someone take a look at these numbers and help me out? Im the seller.
Do these numbers seem correct?
Sorry I am such a newbie to all of this and doing a lot of learning as I go.
Most Popular Reply
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I don't think you posted all the pages. But in what you posted it looks right. What's your concern?
502 is mostly RE commissions and some small items, including the missing portion.
506 is, I assume, $100 you previously received from the buyer or someone.
508 is the owner's title policy. If you're fix and flipping you should do a "hold open" when you buy and then just do an update when you sell. You'll only pay the difference.
509 is concessions you made to the buyer.
511 & 513 are the property taxes for the portion of the year you held it. If you bought this earlier this year, you would have received a credit for that seller's portion of the year, so you really only pay for the months you own.
517 is a home warranty you bought for the new owner.