A few months ago my I had a client that was 3 days away from closing his HUD property when we realized that all the copper was stripped from the property. HUD made the decision to issue a credit to my client versus replacing the plumbing. My client decided to walk from the deal. After filling out the appropriate form and waiting 3 weeks, I was notified by HUD that I could return my clients earnest money.
This was an example of successfully getting Earnest money back from HUD. .
HUD does offer some great deals and opportunities but like any other government entity it can be slow and cumbersome. It is important to work with an experienced Agent who knows the process and can assist you in getting your bid and paperwork correctly submitted to better insure a smooth closing. Changes can be made…….At a cost!
If you change your mind on the purchase without an acceptable reason you could forfeit all or a portion of your earnest money.
HUD Cancelations/Extensions
HUD automatically cancels contracts that do not close on the date indicated on the original contract. Extensions are granted on a case by case basis but must be requested I writing, on the correct form, at least 5 days prior to closing. The fees for the extensions are as follows:
$150 .00 for properties $25,000 or less
$225.00 for properties $25,001 -$50,000
$375.00 for properties $50,001+
For more information on HUD homes see: How To Purchase A HUD Home... OR How Does HUD's $100 Down Program Work? OR Hey Good Neighbor...
If you are looking to purchase a HUD property or have other real estate questions please call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com
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