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???