Monday, March 18, 2013

Buyer Select for HUD Purchases

As of March 01, 2013, buyers of properties in Northern Illinois sold by the U.S. Department of Housing and Urban Development (HUD) can select their own closing agent under a program called Buyer Select.

While I am always in favor of buyers being able to choose closing and title agents, closing a HUD transaction has several peculiar twists and turns. Missing a deadline or a filing can result in the closing being delayed or the transaction being cancelled. We have successfully closed over 3,000 HUD transactions since 2007, so we know exactly what needs to be done and when. We have seen the title fees charged by Gardi and Haught, Ltd. and Lakeshore Title Agency, the current HUD closings agents for northern and central Illinois. They charge at least three to four times what local providers charge for the exact same product.

If you are a potential buyer of a HUD home, or a real estate agent representing a potential HUD home buyer, please feel free to call our office at 309.736.3117, and we will assist you in properly preparing the purchase agreement to ensure the closing is as smooth, rapid, and reasonably priced as possible. We can provide title and closing services for the entire state of Illinois.

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