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Old 08-29-2014, 04:31 PM
 
1 posts, read 1,019 times
Reputation: 10

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Hi, I'm in the process of closing on a hud home. It is giving me a headache. To start off its a home in Joshua Tx, it is a mobile home with 2.5 acres. We're buying it cash. It's been more than 30 days and haven't been able to close, last week there was an issue where there was a lawsuit with the whole subdivision, where one gas company was suing another gas company over mineral rights and this lawsuit is from December 2013. So in the lawsuit they included the whole subdivision and we haven't closed because of that. So today I got a call from my real estate agent that the title company decided not to do the closing. Well at first they had said that we'll be able to close, but the title would be uninsured. So today I get notified that they're not doing the closing anymore so my real estate agent told me that we could use an attorney to do the closing. Now I'm stuck and I don't know what to do because they are telling me that the only issue I would have with this lawsuit would be that if I decide to sell the home in the future that I wouldn't be able to do so, the only way it would be if the buyers were paying cash. Now I don't really understand the whole issue because I don't even own any mineral rights. So my question is should I procceed into purchasing the home or should I just back out. Thanks
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Old 09-04-2014, 02:03 PM
 
8,573 posts, read 12,405,577 times
Reputation: 16527
I would back out. No sense buying trouble.
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