HUD Foreclosure FRUSTRATIONS!

There are some great deals out there in the Raleigh, Durham, Wake county area's. Foreclosures are not flying onto the market but there are still good deals to be had.

Here are my FYI warnings for HUD foreclosure purchases:

1. Here in NC it, HMBI and HUD now require 5 days to review a HUD settlement statement...make sure you're closing dates match this or you'll need to file an extension!

2. Some lenders will not allow the $100 down payment option if there is a repair escrow attached to the contract. Make sure your lender checks the underwriting guidelines before you run into this 3 weeks into a deal!

3. You CANNOT touch, fix or repair the items that is noted for the escrow even if it's $100...that can kill the enitre closing.

4. If you're buying the home as an investment and you decide to pull out of the sale, you will not get a full refund back on your earnest money.

5. FHA underwriting is backed up and slower than it has been in years (or it seems to me). Make sure you've allotted enough time for closing if you have to vacate your apartment or rental home.

If you'd like more details about HUD and other distressed homes in the Triangle area...drop Erica McClenny with eRealty a note or a call at 919-389-8702.

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