Does HUD Pemco stick to the rule during contract corrections, same day contract must be corrected or contract cancelled? If so, what's your

Asked by Access Community, Decatur, GA Tue May 7, 2013


Help the community by answering this question:

+ web reference
Web reference:


Bruce Ailion, Agent, Marietta, GA
Tue May 7, 2013
If you miss the deadline they will cancel the contract. A buyer who offered 65,500 where is proof of funds was the buyers fathers, they needed a gift or loan letter by 1:00 PM the next day. I advised the buyer of the urgency he did not provide till 4:00 pm, the contract was canceled, sold to a back up bidder for 53,000. Our government in action.

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Investment Agent Specialist
203K Certified Specialist
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
The Linked In REALTOR
0 votes
, ,
Tue May 7, 2013
From everything I have seen with HUD REO's, all of their Asset Management companies are very strict with adhering to HUD rules. They will be quick to move on to the next buyer if your buyer is not ready.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more