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Have Pending Sale On A HUD Property?....Not Now

By Marty Patrizi

Real Estate Agent with The Bean Group

October 29, 2010 12:05 AM

HUD Pulls The Plug: Moratorium On Pending Sales

Department of Housing and Urban Development (HUD) has set a moratorium on pending sales of government owned foreclosures set for November 5, 2010.

All sales set to close after 11/5 will be halted. This moratorium is currently indefinite and no indication has been given when it will end.

Agents involved with pending HUD sales? Contact your local HUD contractor for details.

Buyers with pending HUD sales? Contact your agent.

Buyers willing to to continue their deal will be waiting for an indefinite period. Buyers who do not want to wait will be able to get a release for their earnest money deposit. It is undetermined what HUD is going to do about the monies buyers have spent for inspections and other costs to procure the properties they wanted to buy. I can hear a lot of buzzing coming from within the attorney's hive.

The outrage that my clients are feeling is equalled by my own. I can't be sure, but the outrage will hopefully get HUD to realize what a mistake this is. If this is important to you, you can contact your senators and representatives.

About The Author: This blog has been provided by Marty Patrizi a realtor with Virtual Homes Real Estate. Marty can be reached direct at 603-781-4099 or by email marty.patrizi@virtualhomes.com.

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Miriam Bernstei

Rochester, NY

Do you have a link on HUD's site of some reference for this information?

Oct 29, 2010 12:09 AM

James Dray

Fathom Realty - Bentonville, AR

Where did you get this data?

Oct 29, 2010 12:10 AM

Tricia Pearson

Tricia Pearson - Pearson Real Estate - Texas Hill Country - Boerne, TX

Real Estate Broker, San Antonio/Hill Country Homes for Sale

This is the first I've heard. Please post a link to the info. thanks,

Oct 29, 2010 12:27 AM

Marty Patrizi

The Bean Group - Strafford, NH

Multiply Your Propertunities

HUD's servicing contractor for our area is Cityside Corp. www.citysidecorp.com tried www.hud.gom You won't see this announced anywhere. My information comes from Cityside. There must be a servicing agent for HUD in your area too. I have two deals that won't be able to close by 11/5 and my clients are going to get a release of their earnest monies and start looking for another home.

Oct 29, 2010 01:01 AM

Dan Rosenberger

Harvest Realty - Westfield, IN

Marty - I checked with the company that handles closing and title work in my state, and they have not gotten a moratorium yet. So I am wondering if this applies to specific properties in specific states. If it is more widespread than your state I'm sure the word will get out soon.

Oct 29, 2010 02:50 PM

Its official here. Spoke direct with the title agent for HUD yesterday. He said he was directed not to pass any deeds after 11/5 indefinitely. I aske for some documentation and he said he couldn't do that. I was told by Cityside that they would be issuing something on Monday. We'll see. Hopefully HUD will see what the "human" impact will be and straighten out.

Oct 30, 2010 01:05 AM

Anonymous

Shannon Doyle

They also are not returning contracts which have been already been signed by the buyers to allow buyers to secure financing. There are folks who gave notice to there landlords expecting to close on their homes. and have had to move out with limitted choices where to live.

Dec 10, 2010 02:03 PM

Have Pending Sale On A HUD Property?....Not Now

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