Updated 4 months ago on . Most recent reply
HUD property purchase
I have an accepted offer from HUD to buy a HUD owned property in Texas. My offer is a cash offer. The property has been vacant for two years and has HOA liens on it. My agent has told me that HUD has been unresponsive to requests from the title company to approve or provide the authorizations/information to clear the encumbrances. As the selling contract has exceeded the closing date/s twice I have had to sign 15 day extensions twice to keep the contract alive. The second contract 15 day extension is about to expire and my agent tells me that I will have to pay a "delayed closing penalty fee" to get another 15 day contract extension or lose my earnest money and the property. Say what?
How can I close if the title company cannot provide clean title and information to generate closing documents?
Any thoughts/Any help?