I am currently dealing with HMBI, our Virginia sub-contractor for HUD concerning a property which I bid on and was awarded the sale on behalf of a client. This is interesting to me: One simple exchange that took place at exactly 4:55 pm EST via telephone a couple of days after overnighting the ratified contract to their office, over 3 weeks before our expected settlement date. I had just popped back into my office after a busy day out and about. I only expected to check a couple things and have the rest of the evening off. I happened to be at my desk when my cel phone rang.. It was the HMBI employee assigned to our case. She immediately informd me of a simple mistake on the contract which needed to be changed- no problem. Then she informed me that the EMD guidelines in their instructions are wrong and an addition $300 was need for the deposit. This in itself was an issue as my client has scraped together all she thought she could and was having to come up with far more cash than we originally expected. But still I was not overly concerned at this point, should not be a big deal, we'll work it out. Here's the shocker: This was on a Tuesday. I told said employee that I would speak with the buyer the next day (she was unavailable Tuesday) and get everything taken care of by Thursday. This was unacceptable according to their guidlines. i had to have it done by end of business the next day. I was in shock. In the end I managed to get it done but quite a personal sacrifice was required by my client. I will do everything to not allow this to happen again, but wow! No flexibility from HUD at all. they would not give me one extra hour much less a whole day.
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