Gardi, Haught, Fischer & Bhosale LTD.

HUD Home Purchase: How to Choose a Closing Agent with Buyer’s Select

By Gardi, Haught, Fischer & Bhosale LTD
March 6, 2014

In 2013, the Department of Housing and Urban Development (HUD) modified its requirements for the purchase of HUD- owned real estate by creating the Buyer Select Closing Agent Program.  A HUD home is a one to four-unit residence that has been acquired by HUD after a foreclosure on a Federal Housing Administration home loan. HUD acquires the property, and then puts it up for sale to try to recover the foreclosure loss.

In an effort to streamline the closing process, HUD no longer designates a closing agent for purchases through HUD.  The new Buyer Select Closing Agent Program requires the purchaser to select a closing agent who will perform all of the services involved in processing and closing a HUD property.

Under Buyer Select, the responsibility of all the home closing functions transfers from HUD to the closing agent.  Therefore, perhaps the best choice for a closing agent is an experienced HUD-approved attorney.  Regardless of who you choose, they must meet the following requirements:

1.  The closing agent must be approved by HUD to complete the transactions

2.  The agent must strictly adhere to all HUD timelines and closing requirements

3.  The agent must file all paperwork correctly, or mistakes will result in lost time, money and contract

4.  The agent must clearly understand the state law and all of the intricacies in a HUD transaction.

Look for a high level of expertise in your closing agent.  They should be able to fully and clearly explain all the changes associated with this new program. They should also have a proven track record of experience in error-free HUD closings.

As long as you are with a competent closing agent/attorney a HUD closing under the new Buyer Select Closing Agent Program should be perfunctory. Gardi, Haught, Fischer & Bhosale LTD is a HUD approved closing agent and has a second location with experienced staff specifically for HUD real estate purchases.  If you are anticipating a HUD purchase or are in need of a closing agent, feel free to Request A Case Evaluation below.

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Client Testimonials

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I just wanted to share that I had an excellent experience with Gardi, Haught, Fischer, & Bhosale and more specifically Thomas Haught. Everything went great and I am even more convinced that one does not need a real estate agent to buy a house when you have a good lawyer!
Our team partnered with Gardi, Haught, Fischer, & Bhosale LTD. on a recent transaction, and we appreciated their dedication and professional approach to closing the deal. We’re looking forward to more successful collaborations ahead
We just had great experience with Tom Haught and his paralegal Courtney Kropf. The communication is clear and fast. All emails were replied within 30 minutes. We will definitely work with Tom Haught again.
Was recommended to them from my company. They did an excellent job and always answered all my questions. Were always upfront with all things and made sure I understood everything that was explained to me.
We used the law firm during the sale of our house. We dealt with Mr Haught and Courtney, who made the process very smooth. They were professional, yet very friendly to deal with.I would not hesitate to recommend them to my family and friends.
Our immigration experience with Ann Fischer has been amazing! She has been meticulous, organized and worked on our case in a timely manner. Ann and her team went above and beyond to address all of our concerns and provide a personalized support which made a significant difference during our stressful time.I highly recommend her services to anyone seeking legal representation for their immigration matters.
We have used Tom Haught for two home purchases and one sale over the years and continue to be impressed by his professionalism, responsiveness, and thoroughness. Reasonable pricing too. Highly, highly recommended.
Gardi, Haught is one of professional firm, I have been with G&H since last 8 years in all legal matters.RegardsWaseem Chaudhry
Tom and his dedicated crew recently helped me close on a commercial property, and I must say they did an exceptional job! Throughout the entire process, they were incredibly responsive, attentive to detail, and a pleasure to work with. Their professionalism and expertise made the transaction smooth and efficient. I am thoroughly impressed with their performance and definitely plan to work with them again in the near future. I highly recommend Tom and his team for anyone in need of real estate services!
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