the strangest thing happened on the way to my 2nd sfr

[Brett Jackson]

Howdy all! longtime lurker, first time caller..

First, a big thanks to all who contribute to BP & that awesome podcast!

I'm Brett, from Arkansas. relatively new to the R/E scene. I have a flip under my belt and one sfr so far.

Now, to today's events and the reason for my post.

I currently have a sfr under contract from HUD. 3/2, 18 years old that needed, until today, about 8K worth of upgrades & reno. to flip, LTO, or rent if it didn't sell quick enough to suit me.

I just received an email from my realtor that a truck drove through the privacy fence, the kitchen and laundry room this afternoon.. yep, it now has a drive thru.

According to the info i have from HUD, i can A. walk away and get my earnest money back. B. close as is (as if..) or C. obtain 2 bids from licensed contractors for repair estimates within 72 hrs. HUD will compare these 2 bids with the estimate from their field services company and, I suppose, pay the lesser of the 3 - not clear on this yet, and I need to be.

they want an answer in 24 hours. I have asked my realtor to gather more info asap. I am using an in house loan from my banker for this deal, and wont be able to reach him till monday at the earliest. so now i have to wait for the contractors repairs to be complete before closing.

Optimistically, I'm thinking i might get a credit from HUD, and a house with a new kitchen, etc.. sans appliances. I would apparently pay for the repairs and HUD issues a credit at closing.

Any comments or suggestions, and especially similar experiences with HUD are appreciated.

Thanks

[Mark Ferguson]

Wow! I would make sure you know how much the credit is from HUD. I am a HUD listing broker and they usually offer credits that don't come close to the actual cost.