When Will HUD be Ready to Close on this Haralson County Foreclosure?

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Real Estate Agent with Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton Licensed in GA & AL

When Will HUD be Ready to Close on this Haralson County Foreclosure?

My buyer and I were looking forward to closing on Monday, October 7, 2013.  He had a litle bit of money, and was getting a very good deal on a foreclosure property that fit his needs.

On Thursday, October 3rd, the settlement statement had been approved by HUD and the buyer had wired his funds to the attorney's office.   The buyer had his belongings packed in a trailer, and was staying with his daughter for a few days until closing on Monday.  Life was wonderful.

But Wait!!!  A person from HUD contacts the attorney's office questioning the title work.  HUD has an error somewhere, and they cannot allow the attorney to close until they find the error.  The HUD person says it should take 1-2 weeks to review.

We are now into the third week waiting on HUD, and of course no one can tell us anything.  All we get is an email response of "This is under review.   We will contact you when we are ready to close." 

My buyer is officially homeless.  His trailer is parked in my yard, and save him some money, I have placed him in my son's basement.  It is a less than ideal situation, but at least he has a toilet, a shower, a microwave, a mini-fridge, and a bed.  It's also not costing him $50 per night, which is the best rate I could find on a motel room. 

My buyer is frustrated, my son is VERY frustrated, and I am frustrated.  If the buyer was at fault, he would have to pay HUD for the extension.  Since this is HUD's fault, shouldn't they be responsible for paying the buyer in some way? 

When will HUD be ready to close on this Haralson County foreclosure??? 

 

 

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Georgia Haralson County
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"Whacked"!!!
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Tags:
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Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

That really sucks. It is unfortunate when this stuff happens, but this is very common in today's mortgage world.

Oct 23, 2013 08:28 AM #1
Rainmaker
181,027
Karen Steed
Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton - Tallapoosa, GA
Associate Broker Haralson Realty

Thanks for the comment Joe.  The buyer is tired of waiting and wants to move on to something else.  I just hope we can find someting else for him.

Oct 28, 2013 12:29 AM #2
Rainmaker
181,027
Karen Steed
Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton - Tallapoosa, GA
Associate Broker Haralson Realty

Update on the HUD situation...The buyers extension expired, and he refused to sign another one.  HUD calls the next day, and they are ready to close.  Buyer has decided to move to another city 120 miles away, to be near his sister.

No good deed goes unpunished...

Jan 31, 2014 10:18 AM #3
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Rainmaker
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Karen Steed

Associate Broker Haralson Realty
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