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Ask Irwin Law Your Own Question
Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 7310
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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HMBI is the service agent in Oregon for HUD in the sale of

Customer Question

HMBI is the service agent in Oregon for HUD in the sale of repossessed homes. We have a contract of sale that has been approved with HMBI for the purchase of a home in a small central Oregon town, but the HMBI representative has not been able to ratify the contract. The contract must be ratified (signed off) in order to submit it to out lender so that the closing settlement can progress. The answers to our repeated questions to the HMBI representative have been vague stating that HMBI is in contract negotiation with Fidelity as their closing agent and that no contracts can be ratified until the contract between them is finalized. We have only 45 days from the original acceptance date to close without a granted extension from HMBI, but we cannot go to closing without contract ratification. We have found out that there are additionally 3 other purchasers going through the same process that are similarly stonewalled. If the contract is not ratified in a timely matter prior to the 45 day closing time limit imposed by HMBI, do we have a legal case against HMBI for specific performance?
Submitted: 7 years ago.
Category: Legal
Expert:  Irwin Law replied 7 years ago.

Hello: You can't sue HMBI for specific performance because they do not hold title to the property. They are only the broker/agent. HUD is the actual title holder. You would be suing the U.S. government. Gook luck with that. I believe that HMBI (which is also under contract with HUD) will get its' act together and do what it needs to do. You will either close on time, or your contract will be granted an extension. HMBI doesn't want complaints to HUD about its service.


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