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Listing HUD agent listed a home before the home was supposed to be listed according to HUD

We lost the home we where buying because the listing agent listed the HUD home before it was ready and approved by HUD to list. The title was still not signed off. So by the time the closing date came around he still didn't have the title all signed around and I lost my loan. By the time I secured another loan. he sold it to someone ells. How can a HUD Realtor do this? Aren't they governed by HUD? Of course there is more to the story but this is the main topic.
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February 25 2013 - Spokane
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It does happen. HUD probably released it to list w/o clearing up and completing the title work. Most agents would not take it upon themselves to list w/o HUD's permission. I'm surprised your agent didn't recommend paying the extra money to extend the closing date. I've had clients who have had to do this at no fault of their own, but eventually they closed on the home.
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February 25 2013
Every HUD Home Listing comes with the disclaimer  "Availability of home is subject to the Asset Manager removing the home from the market."

This cryptic language means that there is no gaurantee that the home will be available to close in a timely fashion. Government red tape sometimes get in the way.
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February 26 2013
I'm sorry to hear that you lost a home. It is very common for REO's to be listed and go to contract with deeds that are executed but not yet recorded with the courts. This process can take a while depending on where you are located. In our area, the courts are extremely behind. Most lenders will close with an executed deed but some will insist on the deed being recorded before they will sign off and give a clear to close. This might be what happened in your case, especially since someone else was able to purchase the home.

I wouldn't place the blame on the listing agent. I don't see how he could of listed a HUD home without permission or a listing agreement from HUD. The fact that you had a closing date means that the offer and coinract was approved by HUD.

 Sorry you lost the home, a better one will come along!!
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February 26 2013
 
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