HUD-1 in PA

[DJBanas]

Over the years I have asked numerous Realtors if I could have a copy of the HUD-1 for a comp that closed recently but has not been updated in the county records yet. Probably 15-20 a year. Never a problem.

In the last 2 weeks I have had 3 different Realtors tell me it was illegal to share that with an Appraiser as it is not public record. I asked where that info came from and none could identify if it was a federal or state law. I also asked if it could have come from the PA Realtor (PAR) group. Nobody seemed to know but they were all adamant about not sharing the HUD-1.

Does anyone in PA know what's going on? In Philly it can take months for a sale to show up in the property records. Suburban counties is usually 4-6 weeks. This really hurts when all you have is recent sales and no way to verify the date and price of the sale.

:icon_question:

 

[JTip]

With my old escrowed salesperson 'hat' on, I would never give out a copy of the HUD-1 to anybody outside of the parties invovled. No offense PA brother but heck no.

On the other hand, I would gladly confirm the details of the transaction with a polite appraiser (like myself) calling to verify the sale. Document with a name, date and phone number and you are ready for court.

 

[DJBanas]

With my old escrowed salesperson 'hat' on, I would never give out a copy of the HUD-1 to anybody outside of the parties invovled. No offense PA brother but heck no.

Why not? Personal preference or is there a law?

On the other hand, I would gladly confirm the details of the transaction with a polite appraiser (like myself) calling to verify the sale. Document with a name, date and phone number and you are ready for court.

That's a great sentiment but in SE PA there are a lot of Appraisers and no way of knowing which one did the report.

 

[Meandering]

Back in the "golden days", sales people were taught in CE classes, at least up this way that, Offers to Purchase were not privy to public recordings and are not treated by the state as public information. Only closed sales are public information. This includes rental contracts. Consequently, those offers during negotiations are private to the parties involved and might fall under privacy laws, as they are not part of public records.

.

 

[hastalavista]

Your scenario is not limited to the Great State of Pennsylvania.

I don't do any new-construction tract development appraisals anymore. I don't do them because I take seriously Fannie's directive that the appraiser should verify terms/conditions via the HUD-1 if a comparable sale is used from within the same project as the subject and sold by the same developer/builder.
When the GSEs emphasized this (what, 4 years ago now?) and I went into the developments with the directive and asking for HUD-1s, I was routinely told I couldn't have them; that they were considered confidential financial information and the builder wouldn't share. So, I didn't use any of the sales they wanted to give me in my grid (I'd narrate them instead, and cite the reason for their exclusion from the grid). It drove them nuts and made what otherwise should have been an easy assignment a real PIA.
Every time I was told "no one else does it like you" (and I believe them). So, I just stopped doing those kinds of assignments (much to their relief, no doubt).

Anyway, I can understand why the sales office or a real estate agent doesn't want to disclose HUD-1 documentation to an unrelated party (me) just because I'm asking. It is, arguably, protected financial information... at a minimum, it is privileged.

 

[DJBanas]

Thanks everyone for your input. I don't see us being disinterested parties to any real estate transaction. Unless I am missing it the HUD-1 doesn't have buyer/seller income or credit ratings. Seems like Realtors would be willing to share.

Denis: I had a new construction last year where the builder sales office would not share the HUD-1. I told them that the loan wouldn't go through. All of a sudden I had all the HUD-1s I needed.

My original question was did something change in PA? To go from having no problems getting them to getting turned down frequently leads me to think something changed.

 

[glenn walker]

Man no offence is there something wrong -Do you guys have computers and scanners. How about the internet. I'm in California 3 to 7 days for recorded sales. My mother was from Beaver County PA. She always said very nice people but very slow : ) LOL

 

[Meandering]

Man no offence is there something wrong -Do you guys have computers and scanners. How about the internet. I'm in California 3 to 7 days for recorded sales. My mother was from Beaver County PA. She always said very nice people but very slow : ) LOL

Hey!

It's PA counties that are keeping DOS 3.2 ALIVE and RUNNING!

YUP, that's our records, all on DOS.

DJ,

What changed, at least here, is that so many salespeople have dropped out, we are only left with the tough old birds that are not as cooperative as the former newbies. That, and the Long and Foster thing with the CFPB has scared a lot of Brokers into thinking they could be next, so they are tightening up the ships and battening down the hatches.

.

 

[Salty]

I too have not accepted new construction work due to the inability of builders and agents willing to provide HUD info. This is especially true with builders. They will verbally give a price, but fail to tell you that the buyer received 70k in upgrades for free. I am also a realtor. I have no problem providing a HUD to an appraiser. Funny it's the same agents who don't call the appraiser back to verify data, or are rude, who then complain the appraiser didn't get it right.