Renegotiating a HUD contract, Need help!
I have a HUD home under contract, needs a lot of work. About $40k, and I am in it way too high. Will HUD renegotiate their contracts or what is the procedure? Obviously, we didn't get estimates until after the contract was executed.
Most Popular Reply
It may be unrealistic but that's the way HUD works. There is no inspection contingency in their contract and unless you're an owner occupant there's zero chance of them giving you your money back based on inspection findings and estimates (and even as an owner occupant the chance is slim). Investors are supposed to be knowledge and able to take a risk, otherwise they shouldn't buy from HUD.
If your numbers were off that much you either didn't look at the house in person or need to work on your ability to assess a property quickly without a contractor going through every switch plate and door knob with you. At this point you can close or forfeit your escrow deposit and consider yourself fortunate you found whatever major issues you did prior to closing on it where the cost would have been much larger.