Caution on HUD closings...

ALERT: Some HUD Transactions Held UpWe are following reports that several U.S. Department of Housing and Urban Development (HUD) Real Estate Owned (REO) property transactions in Washington and Idaho are being held up due to contract negotiations between HUD and their contracted escrow services. It seems the escrow services are waiting for the new contract to become effective (possibly as early as March 1st). We have contacted the National Association of REALTORS® (NAR) and HUD representatives to reach a speedy conclusion to this issue so that transactions are not further log-jammed. We will keep you up to date on the matter