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Arrowhead Escrow Blog▣ URGENT UPDATE!!!0 Comments added to this post
My escrow still hasn’t been assigned to a closing agent, what the heck is going on! And what you can do in the mean time to make this closing be as smooth as baby's bottom...
Lately we have been getting a ton of phone calls from concerned agents and buyers of HUD homes. It seems everybody wants to know why their escrow has not been assigned to a closing agent. We can see why you would be concerned and frustrated. Agents work hard to find buyers and get them qualified for HUD home and buyers are worried their HUD home purchase is not going to close.
So what's the problem? Well in plain English, we cannot except any new escrows for HUD homes! Currently we are operating on a purchase order with HUD. Unlike a contract, purchase orders have maximums on them. Once we reach our max we can't open any new HUD home escrows. WE WANT TO BUT WE CAN'T!
We have been in contact with HUD regarding this matter and purchase order extension is in the final stages of approval. We are anticipating our purchase order to be approved no later than FRIDAY, JUNE 19th.
Once that happens the flood gates will open and we are expecting 30 to 50 new HUD home purchase escrows that will need to be opened ASAP! Rest assured that Arrowhead Escrow is fully staffed and prepared for this mad rush.
In the mean time there are some important things you can do while you patiently wait for your escrow to be assigned:
Also, once your escrow is assigned get your earnest money funds to us ASAP! We cannot open your escrow until your funds are here. The sooner we get funds, the sooner we can open and the sooner we can close!
-- Arrowhead Escrow last edited on June 19th, 2009 at 8:16 PM |
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