A sad moment this morning when one of our cooperating agents notified us about problems. Basic ones, really: some of the required signatories on the contract were hard to reach. The challenge, though, was this offer was for a HUD owned home, with pretty rigid deadlines. However, they’re not ironclad. But waiting until a day or two past the due date to notify that there are problems isn’t effective. Sadly for the buyers on this one, HUD cancelled the contract. They can rebid, and have a decent chance of getting it with the same bid, but the bidding process will be opened to everyone again. Thus, they do have a real chance of losing out to someone else.
It’s important to note that, given lead-time, a time extension could have been granted. So, the lesson to take-away: communicate early, especially if there are problems. Please…
