Is there a time limit to close on real estate?

My boyfriend and I started our house hunt in July. The first house we looked at was perfect, but because it was our first, we delayed making an offer. We viewed the house mid-July, took our parents back the next weekend, and by the time we made up our mind that we wanted it, the house was pending. But, it has been "sale pending" since the last day of July. We contacted the realtor that showed us the house; she told us that the buyers were having distress getting financing. Is there a time limit to closing? Can the seller see or accept another offer? Can the seller place the house back on the market because the buyer isn’t following through with funds?

*A few specifics about the house: HUD home, located in PA.
The house still has the "for sale" sign on it, and never place a sign up that says under contract, sale pending or sold.
I know how much the person offered, but can I make my own offer if the house is "sale pending"?,
How much more will I need to offer to show interest in the house(it is 8k more than asking price)?
If we show interest in the house, will it motivate the seller to go to another buyer?
Can the seller void a contract to go on to another buyer?
Is there a specific amount of time the house must stay under contract with the original buyer?
Can the seller place the house back on the market because the closing is taking too long?
Because the house is a HUD home, will the buyer be given more time than usual to come up with the funds?

Sorry about so many questions, but the house is very vital to me and I don’t want to lose it if I can help it!

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This entry was posted on Sunday, October 25th, 2009 at 7:17 pm and is filed under HUD Homes for Sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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2 Responses to “Is there a time limit to close on real estate?”

ariana says:

October 25, 2009 at 7:18 pm

If the seller is interested in the buyer then they can grant more time but you can also try to make a higher offer than what the other buyer is making. Some real estate companies won’t tell you the offer made but others will so you’ll have to find out.
Mike Duermyer says:

November 8, 2009 at 6:31 pm

That is a lot of questions, but I reckon you’ll find the answers at http://www.buyhudva.com under the FAQ link. Also HUD.gov has some excellent FAQs. HUD does not allow the posting of “Pending” or “Sold” signs on their properties. The sales contract of any real estate buy specifies the amount of time allowed to close. In the case of a HUD contract, you have 30 or 45 days depending on whether the buy is a cash buy or financed, respectfully. Penalties are assessed if the buyer needs longer. HUD will not generally allow more than three 15-day extensions, so that would be another 45 days possibly to close. If it hasn’t closed by then the contract will be cancelled, and if there was a back-up offer (the second-place bidder indicating they wanted there offer to be considered as backup in case the winning offer was cancelled), the back up buyer would be told to determine if they were still interested in the property. If there was no back-up offer or the back-up offerers declined, the property will be placed back on the market for sale. If you are still interested, you should have your realtor watch to the property to be relisted, and contact when that happens. The day the property closes, the new owners will out to the property to change the locks, and remove the signs. In the meantime, HUD will NOT accept any offers on the property. It needs to come back to the market place first so everyone has an equal chance to bid.

Tags: amount of time, amp, asking price, first house, HUD, networking, outcast, parents, realtor, specifics, tag system, teeth, time limit, yeast,

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