Why am I lining it up? - Posted by Andy M

Posted by troy on February 11, 2002 at 14:53:13:

Makes sense to me!

Why am I lining it up? - Posted by Andy M

Posted by Andy M on February 08, 2002 at 13:59:01:

I am trying to close on my first rehab. This is a HUD home so I imagine that this would be alot easier if we took them out of the equation. The problem that I am having is that we (my wife while I’m at work) have had to go between the real estate agent, mortgage broker, HUD and the attorney to get the closing lined up. It seems if we turn our back for a minute things just fall apart.
I guess my question is "Is this normal and we should get use to it or what?"
Also, we are going to be switching attorneys after this first one. Are there tricks or tips that can be offered up to finding a good one.
Thank you

Re: Why am I lining it up? - Posted by Dave T

Posted by Dave T on February 09, 2002 at 24:25:54:

Perhaps you could provide specific examples of the problems you are experiencing.

Getting another attorney may not be a solution. In my area HUD directs all settlements to a certain settlement company – competetive bid process at work.

Getting another real estate agent may be OK, but only agents registered with HUD can submit your bids. Without knowing what problems you experienced, how can we assess whether the agent could have played a role?

This is the story of my life - Posted by JD

Posted by JD on February 09, 2002 at 24:02:41:

maybe that’s an exageration. But if I didn’t hound everyone in ever phase of a transaction things just wouldn’t get done half the time. I take solice in recognizing that if my job were eazy, many more people would be doing it.

Re: Why am I lining it up? - Posted by troy

Posted by troy on February 08, 2002 at 19:01:26:

Definitely get a better agent! I just finished rehabbing my personal residence, (a HUD home), and had a smooth closing. My agent handled everything and it went off without a hitch. I have had problems with HUD in the past doing off the wall things, such as rejecting my bid on a Friday and then lowering the house to below my bid price on Monday! Go figure. BTW, whats the attorney do for you that a GOOD agent cant?

Happy Investing

Re: Why am I lining it up? - Posted by jim

Posted by jim on February 08, 2002 at 17:53:02:

Yes, it is normal for HUD to mix things up and for the real estate agent to not know what is happening. You should be able to tell the attorney what you want and he/she should do it without you having to be on call like a volunteer fireman.

My only suggestion is to get an attorney that specializes in real estate, thinks like you, and understands what you want to do. I would also consider getting another real estate agent.

Re: Why am I lining it up? - Posted by phil fernandez

Posted by phil fernandez on February 08, 2002 at 17:42:26:

Andy,

What you will find is that you and only you can keep things under control. Don’t depend on the attorney, however they make enough money so they should have everything under control. Certainly don’t depend on the real estate agent. They seldom have a sniff of what’s going on. They are only focused with their tunnel vision on the commission at the end, but don’t really know how to get there.

So by you and your wife taking control, your deal should stay in control up to closing. Don’t depend on anyone else. Control your transaction.

Re: Why am I lining it up? - Posted by jack

Posted by jack on February 08, 2002 at 17:09:18:

Get a better agent.

I’d ask the opposite question. - Posted by Brent_IL

Posted by Brent_IL on February 08, 2002 at 19:40:29:

Once you have a contract, what can any RE agent do for you that a good CRE attorney can’t do better?

Re: I’d ask the opposite question. - Posted by troy

Posted by troy on February 11, 2002 at 06:17:49:

Once I had an accepted contract, my agent lined up the termite inspection, cert. of occupancy insp., title insurance, determined if flood ins was needed, got comps for the appraiser, and met all these people at the property. I obtained the mortgage, ins, and showed up at closing. Not having experience with many attorney’s, why would you need one for a HUD property? The purchase of a HUD foreclosure seems simple enough to me, at least after you get a signed contract!

Re: I’d ask the opposite question. - Posted by jim

Posted by jim on February 08, 2002 at 20:13:12:

AMEN!!

Re: I’d ask the opposite question. - Posted by Brent_IL

Posted by Brent_IL on February 11, 2002 at 13:49:21:

You’re right that an attorney would not be needed for a HUD sale. I was generalizing. I almost always use an lawyer because the deals I do are heavily dependant on the terms of the various agreements. It’s a little easier because the purchase contract specifies that the closing will take place in the office of the buyer’s attorney.