We had a signed contract for an online HUD home. Well qualified buyers ready to move forward and a signed contract. Of course we did not get any information from HUD until the offer was executed and then they sent some disclosures.
We were ready to meet their stringent deadlines for inspecction etc. and were moving forward.
Now comes the fun----the management company sends the form to OK the inspection and turn on the utilities, of course at the buyers expense, that's OK until we read on further.
They will not allow the water to be turned on to test the plumbing and water lines, they suggest a pressure test; only will cost the buyer $280 to do.
They are willing if we can turn on the water if it is successful because the Mortgage Companies appraiser has got to have the water on to do the appraisal. No way Jose says HUD. To bad for the buyer they will not allow the water to be turned on.
Well we found a full inspection report with the water on from March 2011, the noted a leak at the drain valve on the hot water heater, the plumber said we could take care of it and test the system with the water on; HUD no way will we let the water be turned on even with a pressure test and an inspection from March.
Unfortunately for our buyer we had to terminate, no water no appraisal, no appraisal no loan.
I just love the way the system works, don't worry, it's our money anyway.
Who else is having so much fun you can't stand it?
Check out Part 2 for an update.
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