Posted by Rob FL on December 27, 1999 at 08:00:30:
It may be different where you are at, but here at least, all offers to HUD must be on their preprinted contract with no addenda. They do allow a financing clause and inspection clause in their contract. For more info goto www.hud.gov
Escape clauses!!! - Posted by Tony James
Posted by Tony James on December 27, 1999 at 07:17:51:
Could someone give me a good escpae clause for this purchase agreement I am about to offer today? It’s for a 3 bedroom HUD home. Thank you!
Re: Escape clauses!!! - Posted by Irwin
Posted by Irwin on December 28, 1999 at 06:53:26:
Do you mean there is a HUD mortgage on the homek, or the home is an REO property actually owned by HUD?
If it’s a HUD owned property, Rob is right. There are no escape clauses or additional language permitted in the HUD contract. Also, if you fail to close you risk losing your earnest money deposit which is now $500 for
under $50,000 and $1,000 for over.