HUD Home for sale ???

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#1

Originally Posted By: dbush
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I have a client who called to set up an inspection on a Rural HUD Home, great, all for it. Client tells me there is no electricity on, so that also means no well water, etc; can’t do inspection.


I contacted Buyer's Agent so She can get it taken care of. I just talked to her and she said that HUD is requiring the BUYER to pay $80 fee, plus the Electric Deposit, plus pay for Re-winterization and guarantee that the electricity will be off within 48 hours.

What a load of crap. Buyer is almost ready to waive his inspection because he doesn't want to put up a couple of hundred dollars to get the house ready for the inspection; however, he is, after all from Missouri and stubborn, so he is holding off for HUD to work it out.

Anyone ever had HUD pull this BS before?

--
Dave Bush
MAB Member

"LIFE'S TOUGH, WEAR A HELMET"

#2

Originally Posted By: rzimmerman
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In doing HUD inspection I have found that during the time HUD owns the property they turn EVERYTHING off and winterize the home. Just standard policy.


Makes it hard to know what you are getting sometimes. There are inspections done on the HUD homes at every step. They might try to get a copy of the original inspection report for review.

--
Rob Z.
www.RZinspections.com

#3

Originally Posted By: jedwards
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of foreclosure property out there.


Actually HUD isn't the worst of the government agencies when it comes to REO's. The VA won't even look at an offer contract that contains an inspection contingency. Caveat emptor indeed.

--
John Edwards
Assurance South, LLC home page
Pre-Paid Legal Services

#4

Originally Posted By: wwarner
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I had one the beginning of December.


Got postponed several times and almost canceled altogether.


When it was finally scheduled, the electric was still off at time of inspection. Did what I could and still charged full fee.


Bathroom was torn out for remodeling or something. The tub was missing so HUD and bank were going back and forth over habitability etc. Client was still happy with inspection. This was a ROUGH house. Needed a LOT of TLC.


So yes Dave, been through it.

–
Bill


It's only Rock 'n Roll.... but I like it!
#5

Originally Posted By: cbottger
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Dave


My wife is a realtor and deals with Hud and the VA on a regular basis and I would bet they hold their ground all they will give is a 48 hour window for inspections and if the buyer wants the utilities on it will be at their expense.


A good place to read up on the rules is FirstPreston.com

--
Don't argue with an idiot someone watching may not be able to tell the difference.

#6

Originally Posted By: dedwards
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Might be a good excuse for owning a generator and having to charge a little more for the inconvenience of lugging it out to do a job. Hmmmmm

#7

Originally Posted By: dbush
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Actually Doug, I had that thought today. Home Depot has a real nice one, but…

–
Dave Bush


MAB Member


"LIFE'S TOUGH, WEAR A HELMET"
#8

Originally Posted By: dfrend
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Don’t get me started on HUD homes. I just moved into one. First, it is a great investment. We got a gem. The carpets were crap, the walls need paint, there was a broken sink drain, a few areas had peeling paint, and the furnace switch needed replacing.


Good news was it was all minor and mostly cosmetic. Bad news is some of it HAD to be repaired before we could be allowed to live in it. And we needed a home that we could move into. So, we had to get some of the repairs done at our expense before we even purchased it. Luckily I have worked with and am close to a contractor.

Getting the slae done was pure hell. We eneded up living on my inlaws couch for two weeks with our 1 year old and 6 year old while our stuff was in a 26 foot truck costing us $120 a day. We were scheduled to close on a monday. We had to be out of hte rental house on tuesday. So we packed everything but the beds on sunday and put them in the truck monday. We get to closing and they say " we have a problem". HUD had not sent a form they needed, and they said that the contract needed to change. Turns out there was a ground rent on the property.

Hold up..... Two days later HUD responds to our request for more info. Then they tell us they don't know who owns the ground. So we can apply for ownership, but in the meantime need to put up $1400 extra. Finally two weeks later they get the papers for settlement. Would have been ok had they told us before the day of settlemnt.

--
Daniel R Frend
www.nachifoundation.org
The Home Inspector Store
www.homeinspectorstore.com

#9

Originally Posted By: rfarruggia
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Save your money with the generator. I carry a pair of 1000 watt modified sine wave inverters, they cost about $60 each and are about the size of my shoe (I have big feet). I just hook them up to the battery on my car, and I’ve got good 120v juice. I carry 2 of them so if I need to I can backfeed both busses and get 240v. (Joe T. probably has smoke comming out of his ears if he is reading this, but its cheap, portable, and it works fine). But if you are going to use this, just remember to shut the main breaker before backfeeding.