title problems with HUD Home!!?
I posted a previous question about a HUD home my family is about to purchase..well we haven't closed yet. We signed the contract on Dec 31 2010! Well we decided to wait before getting HUD involved. The recent delay was something about title problems. I called him last week and he told me that the problem cant be fixed and then i called him today and told me that the house was pulled off the market until they fix the "problem". But i asked once the "problem" is fixed will my family still get the house and he wasn't sure! So i decided that i will contact HUD! but i dnt know what to do..it has been really stressful!! My dad wants to get a lawyer involved...but am not sure..any advice..thoughts??
fyi We are first time home buyers
- wizjpLv 79 years agoFavorite Answer
I'd walk away too; but if you really want to pursue it, get a copy of the title report and ask a real estate lawyer to review the insurability and explain the issue in lay terms
Title problem can be anything from ownership interest, to a legal description/survey. missing road maintenance or well agreement, unreleased prior owner deed of trust or lien......Source(s): land title agent
- Anonymous9 years ago
Without knowing the full history its hard to give complete answers, however it appears from what you are saying that HUD defaulted on their sales contract to you by not closing.
Hud typically uses Realtors to list and sell the properties as well as to represent them, while its possible, it is difficult to get a-hold of anyone at HUD to have a full discussion on the matter. However, most Realtors have a broker who they answer to. I would start by contacting the broker and discussing the matter with him or her. If you still get nowhere contact HUD to file a complaint about the Realtor.
You can also file a complaint against the Realtor with the state real estate division. this usually catches the attention of the Realtor who will usually work harder on resolving the matter.
The second thing I would do is spend some time reviewing the purchase contract. It usually outlines what your remedies are for defaults of the agreement. if it has no remedies outlined i think you should follow your fathers advise and get a real estate attorney involved, but make sure you have a strong case as you could be stuck paying attorney fees without any benefit depending on the situation.
- harttLv 43 years ago
identify themes would nicely be small, and curiously like this one is. A HUD abode won't be ready to be a HUD abode except the home is owned with the aid of HUD. the actuality that that is being offered with the aid of HUD with a identify concern is pointing out that distinction. yet regardless any identify themes are as much as the broker to repair earlier the identify to can bypass, consequently that is straight forward to anticipate identify will bypass purely before remaining. And regardless of the abode you purchase, that is consistently a physically powerful theory to purchase identify coverage.
- dog maLv 79 years ago
I would find another house to buy and not bother with a lawyer. Somewhere in the contract that was signed is a claus stating that the seller must provide clear title to the property. Sometimes title issues take YEARS to resolve, and in a few cases they can't ever be cleared up. They don't want to promise you something they can't be sure of fixing.
Drop it, get your earnest money back, and continue to house hunt.Source(s): Real estate broker
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- ?Lv 79 years ago
No one can buy a home that does NOT have clear title. Means they don't even know who owns it.
There is nothing a lawyer or HUD can do
- Anonymous9 years ago
Drop out the process and find another home to buy. Sounds like you are lucky the house fell though. It will probably cost you more in legal fees if you actually buy the home.Source(s): Experience