How long will it take for me to close on my HUD after its been inspected?

Asked by Ab123, 89123 Thu Jul 14, 2011

We have an FHA loan

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7
Maria Cipoll…, Agent, Coral Springs, FL
Tue Oct 23, 2012
Generally speaking, it will take thirty days or less if you already provide all your docments to your mortgage broker.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
1 vote
, ,
Fri Jul 15, 2011
If you are talking about a home owned by HUD, and you are purchasing with an FHA loan, you normally do not need an appraisal (you can still get your own home inspection), but it still takes a bit of time due to how slow HUD & their escrow company's are so I'd anticipate 30 days for the entire process.

If you are talking about your Final HUD-1 settlement statement, and are not buying a home owned by HUD, then after you get your home inspection & appraisal then it should only be a week or two, assuming everything else with your loan approval is OK (that goes for both FHA & other types of financing).
1 vote
Robert Adams, Agent, Henderson, NV
Tue Oct 23, 2012
Did you get an offer accepted? Are you still looking?
0 votes
Wendi Willia…, Agent, Las Vegas, NV
Tue Sep 18, 2012
HUD Homes for Sale in Las Vegas

What are HUD Homes in Las Vegas?
The U.S. Government Department of Housing and Urban Development (HUD) has foreclosures for sale in Las Vegas. When you buy HUD foreclosure properties the process is different than buying a bank foreclosure property.

What is a HUD Home?
HUD Homes for Sale in Las Vegas are a type of foreclosure. The Federal Housing Administration (FHA), which is an agency of HUD, provides federal mortgage insurance. If a home in foreclosure had a loan insured by the FHA, that lender will file a claim for the balance due on the loan. FHA then pays the lender’s claim. After the lender is paid they transfer ownership of the property to HUD, which then markets and sells the home.

Are HUD homes good deals?
HUD homes in Las Vegas are appraised by a local appraiser, then they are priced at a “fair market value”. A home in need of repairs can have its price lowered if it needs a lot of work done. This pricing policy means that HUD Homes are not usually the best deals in Las Vegas and they are sold as-is. On the other hand, some of the deals are pretty good and there are special low cost investor loan programs that you can use to buy the HUD Homes for sale. Call us at (702) 619-6215 for Lenders and Agents that are familliar with these investor programs -or- use the form below to ask for a referral.

How do I find a HUD home Agent?
When buying a HUD Home you must use an approved Agent and bid on the property. You will also need a home inspection to help you decide how much to bid. We know great agents and home inspectors in Las Vegas that are familiar with HUD foreclosures, are HUD Approved and can help you navigate the extra steps in the process. Call us at (702) 619-6215 for a referral -or- fill out the form below.

How long does it take to buy a HUD home for sale?
If your bid is accepted by HUD your agent will be notified within a day or two and you will be given a settlement date. Transactions are usually completed 30-90 days from the date of offer acceptance.

LV Property Search
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0 votes
Frank, Agent, Los Angeles, CA
Tue Sep 18, 2012
Hi,
As alluded to before, FHA has their appraisal and it is what you see the home listed at, so if your lender accepts it, that part is done. Consult with your lender as to their appraisal procedures, I've had them go both ways.
Inspections can be done in a day, so that is not going to be your slowest part of the system. In my experience, it has been title that slows us down the most consistent, usually because of demands. Demands are the debts that remain on the property to put it simple (trash, sewer, hoa, sid/lid etc.). The more demands you have the more difficult it seems for them to close on time, you also do not get to choose title so there is no way around it.
0 votes
Robert Adams, Agent, Henderson, NV
Tue Sep 18, 2012
With your inspections being within your due diligence period usually the first 10 days after opening escrow.
0 votes
Robert Adams, Agent, Henderson, NV
Tue Sep 18, 2012
Typically you can expect a 30 day escrow.


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
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