Return of Earnest Money on HUD Home
I have a question for those experience investors who have purchased from HUD.
I've been looking at a few properties with a realtor who I have never worked with before. He has experience with REO, HUD, etc. He has said that after an offer is accepted, if we had a inspection that reveals a major issue (i.e. foundation, plumbing) that it is possible for an investor to get his/her earnest money back.
Is that the case? I've read the HUD purchase contract and I am not seeing a provision for investors having the EM refunded.
Thank you for any thoughts that you care to share!