Received by email today concerning a HUD owned home we have an accepted bid on;
PEMCO has reviewed your contract for the above referenced property and has approved it for signature; however, HUD has issued a stop work order in the State of Missouri. This stop work order only impacts new contracts being assigned to the current HUD Closing Agent. Once HUD has advised PEMCO to proceed with new assignments to the Closing Agent, we will execute your contract and email it out immediately.
Please note the time allotted for closing does not start until PEMCO has executed your sales contract. At this time, we are unsure of when the stop work order will be released. We will continue to notify you as information becomes available.
So what does this mean, exactly? No time frame what-so-ever? You just get to keep the $1,000 EMD until you decide differently? Hell of a way to run a business. Oh, I forgot. Government doesn’t know how to run a business yet constantly offers advice on how we should.