Buying or Selling a Home/HUD backed out-Michigan

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Expert: John Hendricks - 11/30/2007


Question
I bid on a HUD foreclosure on 9/27/07 the bid was accepted by them 10/1/07. We submitted our contract with the earnest money and all appropriate paperwork within the alloted 48 hours. We took an equity loan on our current home to pay cash for this house with enough extra to do all of the remodeling that would be necessary. (keep in mind we had to have a letter to HUD in that same 48 hrs, from the bank saying that we had the cash to pay for it). They were supposed to close  within 45 days. Every week the local realtor who shows HUD homes has said they were waiting on the "affidavit of affixture" that Michigan requires. Today she calls me and tells me that HUD is no longer selling the property because they can't locate that document. What if any recourse do we have, we our out thousands of dollars by financing our equity loan, plus getting items ordered for the big remodel. Me and my husband are thinking that possibly we are being scammed, they put the house on the auction block too cheap and now want to put it back out there for more money. What can we do?

Answer
Dear Tracy:

Thank you for your inquiry... Unfortunately, being a California Realtor, the laws and regulations are different in our area. By going to Goggle and searching "affidavit of fixture" I found a Michigan website http://www.michhome.org/industry-titlecancellation.html

Now this website refers to manufactured homes, so I am assuming the property in question is as such. I would recommend clicking the contact us button, and calling directly to talk with someone who may be able to help you regarding your situation. If they do not have the information you want, they may know of the right agency to call to get the information you need to bring some resolve to your situation.

Regarding the agent you have been receiving information from, he/she works for a real estate broker. If you are not satisfied with the responses you have received from your agent, I would call the agents broker/manager who is ultimately responsible for the transaction to ask for their recommendations as to what you can do to mitigate your potential loss.

I am sorry that I could not be of more help, but hopefully this will give you some insight on what to do next.

Warmest Regards;

John Hendricks

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John Hendricks

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As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...

Experience

John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors. John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.

Organizations
California Association of Realtors National Association of Realtors

Education/Credentials
Upon Request...

Awards and Honors
Frank Howard Allen Realtors "Hall of Fame Member" Chairman's Circle for 10 consecutive years

Past/Present Clients
Joe Louis & Sharon Sigurdson We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers. We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market. Will Finke "Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met." Bruce & Nancy Rosentreter "I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely." Joy Schuelke "Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property." Lynn McCarthy "I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him." Lea Lieurance-Turk "Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
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