Make no mistake about it. HUD is a bureaucracy and as such, is more concerned about enforcing idiotic requirements than it is in its mission to help citzens aquire housing.
Latest case in point: buyer is only giver thirty days to close and will probably close on time. But HUD requires an extension five days in advance of the contract expiration date. So even if you think that you will probably make the deadline, you can’t take the chance and must file the extension.
Oh, and you also have to deliver a certified check made out to HUD in the amount of $375.00. Even the fee will be waived the check has to be delivered first.
So a buyer has to withdraw nearly four hundred dollars from their account, deliver it to the closing agent, only to get the check back two days later.
There is a word for this. It is “torture.” HUD is hell-bent on torturing buyers and their agents that are attempting to take these properties off their hands at MARKET value.
I’m certain that the bureaucrats that came up with this are having a good laugh.
I for one, do not think that it is funny.
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