HUD Properties and 203K Mortgages
Has anyone had experience in selling a HUD property that the Buyer financed with a 203K Rehab Loan?
I am wondering if my present situation is unusual or the norm. I am presently into my 6th extension request from HUD. This equates to over 6 months when you take into account the original 30+ days that were given to close. The bank seems to have an enormous amount of requirements prior to committing funds. Who is the problem here HUD or the Bank? I beleive it is the Bank. HUD has been very generous in giving the extensions to my client. Typically they will only allow up to 5 extensions. I'm interested in hearing others stories.
I just hope it is finally coming to an end!!!!!
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