Ok. Let me preface this by saying thank you to everyone involved in this process from the selling agent, to the title company, to my lending officer, and most of all to my client.
I am currently in what seems like has been an endless delay to close a HUD property. The house is a very good purchase for my client, and everything she hoped to get in her new home. I will leave the name of the company (not the local agent, but the company who is representing HUD) out of the conversation, because it is not important.
We initially signed the contract in late March, hoping to have a 45 day close. Immediately out of the gate, I was told that the above mentioned, nameless company and their closing company, were not speeking to each other due to some contract dispute. So, I patiently waited and stayed in polite contact with them to see if there was any kind of a time table on getting a ratified contract. After about two weeks of contacts via e-mail and telephone, I was basically told "don't call us, we'll call you."
So, I patiently waited and kept my client posted with the same information I was given. In the meantime, the financing changed from a USDA loan to an FHA loan. As soon as it did, I informed the company handling the contract, that I needed to do an ademdum to the contract, and additional inspections needed to be done to the house due to the change. I was promptly told that I needed to do better research, because they had never heard of such a thing...(I'm still at a loss on that one.)
Finally on April 27, we get a ratified contract, and the ball begins to roll again...so I thought. I mada all the necessary phone calls, e-mails, etc., and asked the company handling the contract once again about an adendum to the original contract, and was given the same answer. Fortunately we were able to get financing through, thanks to the hard work of the mortgage officer we were working with.
On May 11, I was told that they needed an andendum to the contract, because financing went to FHA...I'd never heard of such a thing! LOL
I did as I was told, and was blamed accordingly for the ball being dropped, but I did not care. The selling agent was in constant contact with me, and blame didn't matter to me, I wanted to get my clients into a home! One week later, after the adendum was overnited to them (with signiture confermation), I was informed that they still did not have all the documentation to do a termite inspection and lead based paint inspection...on a home built in 1985.
Without rambling on too much further, because I think you get the idea, my clients rate locke runs out tomorrow, the inspections and tratments have been done since Monday, and we are penciled in for 2 o'clock tomorrow to close, with a 50/50 chance of it not happening.
I was told at the outset of this process, that this would be a nightmare. I have learned more from this one transaction, than any amout of effortless ones. My client is still happy, and almost excited, I have been sooo educated on every aspect of the HUD process, I have made a good contact with the selling agent (she said many of the agents just throw up their hands and walk away by this point. This is not uncommon with HUD properties, I guess), and I have learned the most important lesson of all...P A T I E N C E ! ! ! You can never rush the person holding the keys to your clients new home, especially when it's the government.
Thank you all for lending me your computer screen to share a story.
Happy selling, and have a great night!!
-Todd
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