Choosing The Right Real Estate And Hud Closing Software

Computerization, availability of software at affordable prices and familiarity with

computers lead people to rush out and buy the first software that they hope will work miracles for them in their daily or professional lives. However, it is not always the case and some missing features invariably results in people discarding such software and reverting to manual practices. Lawyers, attorneys, real estate agents, brokers and those connected with real estate transactions go in for the first available HUD software or real estate closing software in the hope that it will do all that they have been doing manually since long. Shortcomings in these mean they have to do certain work manually and the inconvenience that results leads to abandoning the software altogether.

In order to avoid such a disappointing scenario from developing, property managers, real estate agents, brokers and attorneys involved in this field need to consider key features of a software and analyze its features thoroughly before choosing the right HUD 1 software that will actually help, not hinder, them. Ideally, the real estate closing software incorporates HUD closing statement or HUD settlement statement, HUD forms, HUD 1 forms and much more in a comprehensive manner, including everything, considering all possible alternatives and options and leaving out nothing. Proper consideration of all the key factors and options leads to avoidance of disappointments and in money being well spent.

A practical and well designed HUD and real estate software ensures full compliance to 2010 RESPA Final Rule. This means the software includes HUD forms, GFE-HUD comparison sheet, the HUD 1 settlement statement and smart itemization along with consolidation of costs and charges related to the real estate. Simply by entering data at one point, users of the software can generate HUD closing statement or HUD settlement statement and HUD 1 closing documents and forms, populate these forms and maintain accurate records in one folder for easy access at any future date.

At the very least a real estate closing software and HUD closing software would include closing forms related to the transaction, disbursement ledgers and check printing facility, electronic 1099-S filing, lien release tracking and an ability to save these forms in Word or PDF document format, email them from within the program and archive them. From beginning to end, the transaction should be recorded leaving nothing out that might raise queries or doubts at any stage long after a transaction is over.

Since a number of people will be working on different aspects of a real estate transaction, the software should have the feature of being centrally operated with staff able to enter data at different terminals that are all compiled in a central location for easy access and printing. An ability to port the forms to your smart phones would certainly help you review them while on the go and save time.

A little bit of time spent in reviewing and assessing the potential HUD software will help you be more productive, handle more clients, generate more revenue and recoup costs.

by: Rick Kabra

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