Earnest Money From HUD
Hi all,
I placed a bid on a hud home and it got accepted. I made it perfectly clear to my realator and he assured me that this offer is contigent upon city inspection. After hud agreed to order a city inspection they said that there sales are as is only and that I had 30 days to close the deal. My question is does hud refund earnest money if you cant qualify for a loan? What recourse do I have against my RE agent if my earnest money is not refunded by HUD
Someone led you astray. Once you put your $1000 up it's theirs. In addition, I know of cases where HUD won't accept bids from you if you back out, after all, they want to get rid of the property. I suggest that you are pre-qualified before you enter into a transaction with HUD. The only thing that I know about is that you can get an extention, the cost is $ 375. Good luck Make lots of money!