All Forum Posts by: Greg H.

HUD has no requirements as far as the number of houses one owns when purchasing a HUD home. The requirement is that you must intend to occupy for 12 months and can only purchase one HUD home as an owner occupant every 2 years

Hud does not allow their contracts to be assigned.  The proof of funds must match the buyer

If a HUD is purchased during the extended period, there are no requirements to hold the property for any amount of time. Investors are not permitted to bid during the exclusive period which requires one to occupy for 12 months

Can you double close? Possibly. However HUD will not cooperate in any way

@Gil Levy

I believe the key word in @Ronald Rohde statement was to "plan" to foreclose not actually foreclose.  Curious as to where you get the value of $230,000 as it is currently listed for $215,000?  The total rent of $2300 is impressive for the area especially considering the property does not have central air.  My guess as someone who owns a dozen or so properties in the area is that rent will be tough to replicate moving forward.  Are you the owner of the property as it appears that it has not changed hands sine 2018 with a different owner listed currently?

Texas law makes it difficult and really darn near impossible to collect a judgement.  In Texas:

-Wages cannot be garnished for a civil judgement

-One's Homestead AND even the sale of one's homestead is exempt.  I can own and even sell my homestead that I own free and clear and a creditor cannot touch it or the proceeds

-The list of additional exempt property is also extensive.  You can't touch 2 guns, 12 cattle, bible, 1 car, furniture and on and one

I have collected one in 30+ years and that is only because he was in the military and had a deposit waiver so he need me to sign off before he cleared post

Just to clarify a few things

1. The only way to accurately determine whether a HUD property is available is via hudhomestore.gov

3. A buyer must use an agent with an active NAID # to bid on any HUD home on hudhomestore

4.  All bids on a hudhomestore property must be done through the hudhomestore portal

5. The only consideration to HUD in considering a bid in the extended period is the NET to HUD. You net HUD $1 more than the next bidder you win. HUD give no preference to cash over financing. In the exclusive period every thing is the same except that only owner occupant bids are considered.

7. Many HUD properties do not allow any utilities to be turned on for inspections due to conditions found by the FSM during the property condition inspection. HUD does not allow any inspection contingency

Quote from @Henry T.:

Quote from @Joe Scaparra:

Hold Up, NOT SO FAST!  First let me say I am not a lawyer so this is for informational only!

However, let's review the facts.  Walk thru completed but expectations were not met.  Landlord took more than 30 days to give a detail report of the deposit.  Yes in this case the landlord opens himself up to 3X penalty!  However, if the landlord sent a check for the balance AND the tenant CASHED the check, I think that might be deemed acceptance of the return of deposit.  IF so the judge may dismiss the case.  However, if in fact the tenant has not taken possession of the balance of the deposit then the landlord will be held to the 3 X penalty.  This is also predicated on the tenant providing an address to the landlord in writing as to where to send the deposit.   The 30 day requirement does not begin until the landlord has received the forwarding address from the tenant in writing.

Spot on, if the check was cashed. If no forwarding address is left, the landlord is required to send to the last known address. (the vacated unit)

That is absolutely not correct in Texas.  A landlord is not required to send the deposit to the last known address.  Texas law states that the 30 day clock to account/return the deposit does not begin until a forwarding address is given.  There is no requirement to do anything until that time

Quote from @Jack Wang:

Quote from @Greg H.:

So returning the remaining deposit/accounting is +-60 days may or may not be an issue.  Texas law requires it to be done within 30 days of vacating AND providing a forwarding address.  The 30 day clock in Texas does not begin until the forwarding address is provided.  

$1500 seems on the high side for the items listed but if the landlord can defend it with receipts and such they should be ok

So the question is when was the forwarding address provided and was the remaining deposit returned within 30 days of that date? If it goes to small claims keep in mind that the judges are elected officials and not necessarily bound by precedent.  In more liberal counties, tenant sob stories can work.  I would try to settle 

 The forwarding address was provided about 15 days in, so the 30 day limit was only exceeded by about 15 days. Would a judge consider this excessive? 

What about items that the landlord fixed himself, and estimated labor costs based upon typical handman rates? 

 Yes.  The law is clear in this regard and you could/should be liable for 3x the deposit with no deductions.  Most JPs I have seen do not allow deductions for landlord labor and they allow actual costs.  Settle this and consider it a learning experience

While most judgments are never collected in Texas, this one will as it will attach to your rental property as it is not exempt.  Again.......settle 

Quote from @Aaron Gough:

So if an unrepresented seller asks you to forfeit the buyer side commission to make his offer better, it's your call whether or not you decide to do that?

As the principal broker, there is no problem at all.  Texas even allows for the rebate of all or part of a commission.  If one is a salesperson or just a broker, that decision is up to your agreement with the sponsoring broker

So returning the remaining deposit/accounting is +-60 days may or may not be an issue.  Texas law requires it to be done within 30 days of vacating AND providing a forwarding address.  The 30 day clock in Texas does not begin until the forwarding address is provided.  

$1500 seems on the high side for the items listed but if the landlord can defend it with receipts and such they should be ok

So the question is when was the forwarding address provided and was the remaining deposit returned within 30 days of that date? If it goes to small claims keep in mind that the judges are elected officials and not necessarily bound by precedent.  In more liberal counties, tenant sob stories can work.  I would try to settle 

TREC permits a broker to be an intermediary and negotiate the contract with permission in writing from both parties.  Larger firms often require an agent within the firm to be appointed to advise the other party.  There are no issues with forfeiting the selling agent commission