December 17, 2017

HUD Foreclosure Delays

“The real estate agents are a worried lot with their deals standing unclosed due to the fact that the sales of foreclosed properties have grinded to a halt. The Department Of Housing and Urban Development addresses the problem stating that it has been negotiating new contracts and this temporary phase is likely to pass away quickly.


HUD Foreclosure Delays

The HUD has also given assurance to the buyers that the closing will resume and deadline for sales will be extended sufficiently at no additional cost to the buyers. Moreover, the HUD has undertaken to advise the buyers about the availability of funds for closing.

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Comments

  1. jj says:

    Friend has had accepted offer since Oct 2011 and the bank continues to delay closing, however she has had to pay for 4 extensions, installing smoke detectors and 2 house inspections. Is this normal?
    The bank states they have everything needed and then as they wait for the closing date they seem to always come up with something else to delay the closing. Why would someone have to continue to dish out money when they don’t even own the house yet?
    Is there any resources she can go to to expidite this process.

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