Day 6 of HUD ForeclosurePosted: October 19, 2011
We are on the 6th day after acceptance and we still don’t have a fully
executed contract! Working with HUD can be so rewarding, both for me at the
Realtor and for the buyer, who is getting a great deal….BUT they are not
kidding when they say what type of check they want to see. It states in the
contract ” a certified check from a bank or US postal service money order made
out to HUD or ‘buyer’s name’; it’s unfortunately common to see the eager buyer
rushing to the bank, getting a bank money order to HUD, then submitting that
with their contract.
Guess what? Offer can be cancelled!
They honored it and gave the buyer a chance to remedy the situation, but it
is absolutely imperative to follow the instructions when buying a HUD
foreclosure to follow ALL the instructions to the letter. This buyer could have
lost his contract, and believe me there are plenty of other people waiting in
the wings to pick up this bargain property!