A few weeks ago, an investor client of mine put in an online bid on a HUD home in our area. We won the bid and were very happy.
I am a newbie with regard to HUD sales, so part of the problem is my ignorance, of which my investor is happy to work through with me.
We made an ALL CASH offer on a home and wanted to close in 2 weeks. To add further complications, the home is on leased land (Indian leased land).
I have been trying to get escrow information out of the title company that was selected by HUD (of course they are out of town) and they know nothing.
Finally I called the HUD representative in Arizona and they told me:
1. They didn't care if my client was paying all cash. HUD simply cannot close a home in less than 45 days.
2. Once they review the contract (which has been on their desk for over a week) they will determine the corrections that need to occur and send a corrections notice. (This might happen in the next few days.)
3. Then an all new contract must be sent in which gets reviewed, and then re-reviewed...and then, ultimately signed.
4. Only from THAT date does the 45 days start.
Jeez! I have already turned on all the utilities and done all my inspections. We're ready to close. It seems like a real shame that HUD can't react faster.
This got me wondering: Why does everything have to be so complicated? Even straightforward ALL CASH deals aren't straightforward anymore...
Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.
_____________________________________________________________________________________________________________
Christianne Gordon, REALTOR®, CDPE, SFR, , PSC, e-PRO
Certified Distressed Property Expert - Short Sales & Foreclosure Resource - Pre-Foreclosure Certified
RE/MAX Realty Affiliates - Great Nevada Homes, Inc.
Direct: (775) 881-8223
Visit us online at GreatNevadaHomes.com or CarsonValleyShortsales.com
The information in Christianne Gordon's blog is deemed accurate but not guaranteed. Any individual considering a short sale should also seek independent tax and legal advice to get specific information as it relates to their personal situation. Christianne Gordon is a licensed real estate agent with RE/MAX Realty Affiliates serving the entire Northern Nevada region including Reno, Sparks, Carson City, Washoe Valley, North Valleys, Fernley, Dayton, Stagecoach, Minden, Genoa, Gardnerville, Smith Valley and Yerington.
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