HUD property ReConveyed Back to Bank - What Happens Now

By
Real Estate Broker/Owner with Weaver Realtors B55786000

I listed a HUD foreclosure, got an accepted offer on the property, did a LOT of work. Developed a Buyer, who spent a GOOD amount of money on title opinion (we're an abstract state) and an abstract update. The title opinion showed a number of problems on the abstract, liens, judgements, etc.

Not the first time I have seen this stuff, the stuff is usually cleaned up and then closed. BUT, not this time. The property was sent back to the bank so they could clean up the problems. The HUD representative called me and told me the property was reconveyed and that when it was cleaned up THEY would contact the buyer back to see if he was still interested in purchasing it!

I am not happy at all with this situation, I was contracted to successfully sell this property, I did that. Now they will clean it up and sell it directly to the buyer???!!!! ANyone else experience this, what did you do?

Posted by

Georgia A. Weaver, GREEN, CNE, CRS, GRI, 
Broker Owner and Iowa Certified General Contractor

Weaver LLC Realtors
"A Promise Made is a Promise Kept"

607 Lake Avenue
Lake Avenue
Storm Lake, IA 50588
Office 712-213-4663 (HOME)
Direct 712-291-0118

www.WeaverRealtors.com

BUY - SELL - INVEST
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Georgia Weaver

A Promise Made is a Promise Kept! 712-291-0118
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