Tuesday, February 21, 2012

HUD called

well actually, the contract administrator for HUD called. They say they made a mistake, and that they should never have authorized an "And/Or Assigns" contract on the Lakewood house I am buying.

They are willing to return my $1000 earnest money if I cannot close on it in my name alone. They want me to sign an amendment deleting my "and/or Assigns." I told them I would seek legal counsel on that.

There is no contingency whatsoever for investors once they bid on a HUD home. I gave him an earful (respectfully, of course) on that baloney. He says they are trying to promote home ownership. I asked him who he thinks buys my HUD home from me once I fix it up? How many homeowners are going to put $100K into fixing up a home before they move in???

Bottom line: the original listing agent is pissed that I have another listing under-pricing his; and the NWMLS is backing me up on this....The NWMLS apparently allows listings for "equitable interest," even when there is another active listing for the same property.

It's been an interesting day....

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