Just resently I closed yet another HUD foreclosed home here in Lubbock. As I explained to the buyer, like I do every time, HUD makes its own rules. And can change them as we go along. The financing was all in place, the insurance was secured, now comes the wait.......On HUD homes here you have 45 days to close or you have to pay an extent ion fee. My buyer wanted to closed mid month, but Oh no, HUD found a few more hoops to jump thru, Did you want a title policy, Did you get the water tested??? Then the kicker, the guy needed to add a co-signer so we had to send a request for amendment back to the HUD lawyer and then 24 hour turn around, and a weekend and 24 hour for the lender finally we were all set. Or so I thought...They had to send a closing agent to my office to close the transaction. Are you kidding me. He drove 6 hours from another town (El Paso) in Texas to close a $36,000 trailer house? Again I ask is anyone thinking. we have 7 title companies in Lubbock and they have a guy come all this way to close. Then at closing he tells me that he comes to Lubbock every 2 weeks or so to do closings.....Oh, Now I see why my closing took so long, Funny thing was it closed on the 45th day. How much coincidence is that?
Lucky me I live in Lubbock