How long does it take to close on a HUD home?
I won a bid on Sept 4 with HUD on a home in NC. I know it says closing can be UP TO 45 days but I was wondering can it be sooner? Everything on my end is done, loan, etc...Also, the HUD attorney is in Greensboro which is about 4 hours from me...How will that work? Do we have to drive there or will they appoint someone to come here and close? I just want to move in asap! :) Thanks! We already have the home inspection, radon test, termite test done. Homeowners insurance DONE :)
Renting & Real Estate - 4 Answers
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1 :
Did you get a home inspection, radon test, termite test? thoise things take time to arrange on the property - did you get homeowners insurance for property? they have to do a title search, etc - it takes time to coordinate everything. 30-45 days is normal. I'm buying a piece of vacant land and it's taking 30+ days to get everything lined up.
2 :
I bought a HUD house and it took over 60 days to get everything together, even though - just like you - I had everything ready/done. It was all when the lawyers could get around to me. Best of luck to you.
3 :
Last three HUD houses I sold were for cash. Two closed in about three weeks, one took about eight weeks. HUD had a problem clearing the title on the eight week one. My experience is that if you ask for any special treatment by the HUD attorney you will have to pay for it. They should have a place closer than 4 hours but you may just need to drive there. They have been very helpful to me, call them and ask them. Glenn
4 :
Depends on the loan also. Normally, HUD requires 15days to approve an offer on the home. If you're doing an FHA loan it can take 30-45days. You will need to either meet the attorney in his office or he will meet you close to where you are. that's ridiculous! Make sure to lock in your rate today the rates are going up!
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