HUD is dragging their feet
My bid on a Michigan HUD home was accepted on the 16th of April. The paper work & earnest money was sent in the allotted 48hr time frame. This house sits in area plagued copper plumbing thefts.
I'm really getting scared; the 60 day closing count down has not started since we don't have a ratified contract. It's going on two weeks now and I have not heard anything from HUD.
I'm driving to this house every day to look for signs of possible break-ins. I would be devastated if someone stripped all plumbing and/or vandalized this property because HUD took their sweet *** time. It's not a matter of if this will happen; it's a matter of when…I really want this deal to close as soon as possible.
I'm beginning to feel like this is a waste of time. If something happens I'm back to the drawing board again. Not to mention this will be the third broken deal in the past 4 months.
What is wrong w/ this agency? Typically how long dose it take for HUD to ratify a contract? Will HUD refund my earnest money if the house is vandalized?
I don't have much cash. I barely have enough to cover the closing costs and down payment. Had I known HUD was this slow, I would have never looked at this property.