Has anyone else had a problem with a HUD property not being able to give you clear title? I represented a buyer on a transaction lately and the PR came back with Wells Fargo as the owner, NOT HUD! We brought this to the attention of the asset manager, as well as the title company, and after two weeks they were not able to figure it out. There is a new rule that just went into effect that if HUD cannot show clear title the property automatically reverts back to the bank. My clients paid for an inspection, appraisal, and the $150 re-winterization fee - not to mention the money I put out for having things overnighted and utilities turned on for the inspection. VERY distressing for me and my clients. I am fighting with HUD for those expenses to be reimbursed, but really has anyone EVER won a fight against the government? I am not feeling very optomistic.....
Shelly, I haven't - this is news to me. Wow, I feel for you and your clients. I wouldn't let it go about the expenses you and your buyer paid. Take HUD to small claims court. I know of a buyer who did that recently and won, but it was with a short sale seller. Good luck,
Shelly, HUD's new system is a POS. Very unorganized. They never call you back, and they give you short deadlines. They should go back to cityside.
ugh... Thats the Gummint for ya. Whats the name of the new HUD servicing entity? I have not registered as a HUD agent this year.
This one is going thru Hometelos. We are getting the earnest money released, but will probably have to sue for the appraisal, winterization, overnight mailings, utilities, etc. I was told that clouded title is becoming more of a problem with HUD these days.....
Hi Shelly, maybe it's too soon but I'm wondering about the outcome of this situation.
Thank you for stopping in on my blog the other day, I do appreciate it!
Yes "the clouded title" I was a victim of that one. All set to go on a HUD and there was a clouded title I was told this after the inspection was done . in order to do this inspection, I had 72 hours to get a plumber in to test the pressure on the gas pipes in order to get the metor put in... my loan officer lost 250. getting my loans rushed . It was a mess and a disapointment. No money back eccept for my ernest money. they pulled the plug.
Comments(6)