Please help!!! Closing at 9am this morning!!!!
after a long wait we are finally closing on the house we are buying. it is a foreclosure and there have been numerous problems with this whole process. a week ago, we had to amend the purchase agreement to get countrywide (the seller) to state exactly what they would be paying for closing costs. it took them 7 days to get it back to us and delayed everything. now, at 4pm last night, less than a day before the closing, my title company tells me that they just need to send the HUD to the seller to have it signed. and if they don't get it back right away, we will go on with the closing but not get the keys!!!! i know the bank won't get it back in time!!! please help, is there anything i can do to get the keys? does the seller really need to sign the HUD, i have seen contradicting stories? we need to be out of our place, and we have appliances being delivered and everything!!!!!!!!
Hello Kate,
If the date and time is set for closing the HUD should be signed on time. The REO agent representing countrywide should have the keys. You need to contact the REO listing agent. If you have two separate closers, one representing you and the other closer representing the seller, it might take a little bit longer. Once the HUD is signed on your side and you do not have the keys. This means you have the rights to the property, you can go and re-keyed the property. This is also contingent on the purchase contract on the when you can occupied the property. I hope this helps. If you have any more questions please go to http://www.loutran.com and contact me from there.
All the Best & Much Success!
Kate: I disagree with the answers below and hate to be the barer of bad news, this happens very frequently. You probably wont get keys at closing but I would say there is about 80% chance they will get signed HUD late afternoon at which point you will be allowed to occupy the property. You could have your agent ask the listing agent if it would be ok for you to get your keys before the signed HUD from seller; there is a chance they say yes. Good luck and I hope I am wrong for your sake.
Kate,
At this point in the transaction the process of signing the HUD should not require any additional time. This can be dealt with electronically and should only take minutes provided the correct form finds itself in the hands of the right person.
The bank appointed mediator should be able to advocate and get this done today.....begin a telephone and email campaign now and don't stop until you have the signed HUD....time to be the "squeeky wheel."
There is no reason for you not to close today with your keys!
Good luck
You sound like you have had a frustrating experience. These truly are challenging times. I have found that when you are actually down to the closing date, the bank usually does come through with the signed HUD. They are so busy that they do have to work on the most urgent matters first and today that should be your closing! Good luck to you!
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