Ok. So I’m gonna rant and you need to know that before you read further…
I had a HUD closing scheduled for July 29, another for August 1, and still another for August 8. It’s now August 2nd and I have no idea what the hell is going on. Because no one from Luna & Luna (HUD’s prescribed closing fiasco that I have to work with) won’t return calls or emails.
Of course this is HUD’s own fault for the way they dealt with their contractor situation to begin with. AMRE, a HUD contractor who oversees the properties, made the mistake of emailing me and asked how the transaction was going. Here was my response:
I have to say I’m greatly disappointed with Luna & Luna. I have/had a closing on the 29th of July and the 1st of August and have never heard anything from them…including whether or not they even acknowledge the extensions we sent them!!!!!
The property you oversee is scheduled to close on August 8 and I have no idea whatsoever whether it will close or not. Communication is virtually non-existent and it’s only one sided in terms of they will email me a statement but not answer any follow up questions. It’s absolutely ridiculous and it’s no way to clear inventory.
I have three (yours being one) cash closings that we may or may never close on because of the incompetence of Luna and Luna and the fact that HUD couldn’t negotiate their contracts in time to avoid slamming Luna & Luna with hundreds of files at once. It’s train wreck of HUD’s own making.
Sadly, once again, my customers are caught not knowing what the hell is going on and whether or not we can close on any of these properties. HUD has/had no problem taking our earnest money, but has never communicated why there was a closing moratorium and Luna & Luna won’t communicate when we will close. It’s really sad.