Home Buying in 30815>Question Details

Saraann, Home Buyer in Hephzibah, GA

how long does it usualy take to close on a hud homes after you win the bid?

Asked by Saraann, Hephzibah, GA Thu Jun 24, 2010

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6
I work with a lot of HUD homes and closings.

HUD requires the home to be closed within 45 days. If you are paying cash you can close much faster.

Are you closing with the HUD attorney? Fearnley, Calif, & Price? If so they should be able to clear title quickly because they already have all the information. Just get your agent to schedule the closing with them. Your agent will need to call the attorney to set the date. Otherwise they will wait the full 45 days.

If you are closing with another attorney this could cause it to take a little extra time.
1 vote Thank Flag Link Thu Jun 24, 2010
It would depend on what type of loan you are doing. If you are doing a regular FHA loan, it should close in about 3 weeks. If you are going the HUD $100 down rout they seem to take a bit longer. Keep in mind that even when the financing is in place HUD/Pemco usually required 5 days to review the final numbers. Good luck with your closing!

Sincerely,

Brad Hartman
bhartman@cmghl.com
678-578-7611
Web Reference: http://www.brad-hartman.com
0 votes Thank Flag Link Fri Jun 25, 2010
Good morning Saraann. I see that you have indicated an all cash transaction for your HUD home purchase. In that case, work with your agent to schedule the closing as soon as you want it. Title work won't take long at all so it's just a matter of complying with contract terms - no need to wait. Certainly in under 2 weeks. Your agent should check with one of the HUDPemco Georgia closing agents to get title work started and schedule your closing right away.
Good luck.
0 votes Thank Flag Link Fri Jun 25, 2010
After a sucessful bid, Saraann, being a cash buyer should allow for a quick closing. Certainly quicker than 45 days in my humble opinion. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
0 votes Thank Flag Link Thu Jun 24, 2010
Yeah im buying to house with cash....no loan,,,,and we have already summited all the paper work to our realitor....were just waiting to here something he told us closing would be within 45 days but we havent heard anything yet...just didnt know if it was normal not to hear anything....
0 votes Thank Flag Link Thu Jun 24, 2010
That depends. Are you already pre-qualified? You want to make certain that you are #1 working with a good lender and #2 that you have all of your paperwork to submit to them. Closing could be within 30 days.
0 votes Thank Flag Link Thu Jun 24, 2010
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