Hud Foreclosed
February 14th, 2010
Hud Foreclosed
Question: Hud Foreclosed Property is a Joke!
I found a hud foreclose property and put a bid in for the home. I got the bid, my pest inspector found termites, hud said there were no termites come to find out they had a old termite letter, which took them only a month in a half to figure that out. The posted the house online and took bids on the house and advised that the HVAC was not working and they were allowing a 203k loan to repair the HVAC. However today I am suppose to close and hud don't want to pay to have the HVAC repair. I will advise anyone that is a first time home buyer not to do this. I am a first time home buyer and this has been my worst home buying experience ever.I am so wanting to back out but they will keep the $1000.00 I had to give for earnest money. I just don't understand how you advertise something and its not true and why is this. I hope and pray I never have to deal with hud again. I was suppose to close at 11am its now 3:30pm and still haven't heard from them. Why is this going this way I did my part.
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Answer: I bought 2 HUD repo's. I learned a good lesson and it applies to all repo's. I have to bargain hard. So hard that i don't care if there are termites. Don't care if the AC is gone. I don't care about anything because i bought it for "my" price.
You entered this sale thinking that you were dealing with a "normal" seller. A normal seller will fix things that are wrong. HUD is not a normal seller. If you had offered $30,000 less money, you wouldn't be unhappy now. You'd be smiling. THis is a tough lesson. /
How a House becomes a HUD Home
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