Updated about 5 years ago on . Most recent reply
HUD Transfer of Physical Assets help
I am under contract on a property that currently has a HUD HAP contract and has since the '80's. The seller is the original owner and has no HUD backed loan on the property, in fact they have no loan at all. I was told by our local HUD representative that we would have to fill out a HUD form 2530 and go through the Transfer of Physical Assets process to complete the purchase of this property, even though we are not going to purchase this property with a HUD backed loan. The bank we have used for the purchase of all of our properties and multi-families is a commercial lender willing to lend the money for this property, so we will not be using any HUD resource. I'm having trouble finding someone who can help me through this process and/or someone who can answer any in-depth questions about it. Is anyone here a pro at these sales/purchases that would be willing to help me out?
Thank you all in advanced.