Anyone Purchased Property From HUD?

Comments(4)

• 
  rajwarrior11th July, 2003

  HUD doe not auction off their properties as such. With HUD, you must place a bid thru a HUD registered real estate agent. If the bid is accepted, then you have bought the property. Closing will occur as normal.
  
  NOTE: with HUD, you either need all cash, or be pre-approved for a loan. There is no finance contingency in the contract and they won't accept your bid without a proof of funds letter.
  
  You will also have to put down an escrow deposit. It will vary with the property, but usually at least $500 to $1000.
  
  You will not be able to assign or sell your purchase contract, either.
  
  Roger

• 
  rottzilla11th July, 2003

  Are you allowed to view HUD homes as normal homes then? In other words, can you make an appt with the listing agent to see the house? With regular auctions, you can't always do that.

• 
  verne_j11th July, 2003

  Roger,
  
  What I'm trying to get at is-
  
  In Golden feather . com
  
  the date they have is i. e. 7-11-03, with an agent, customer puts in a bid, when does the bids stop (someone won the bid?) Is it that following monday @ midnite or later in the week?
  
  Verne

• 
  rajwarrior11th July, 2003

  verne,
  
  Your best bet is to contact a local real estate agent to help you thru the process.
  
  Visit www.hud.org and follow the prompts to get to your state or find a local agent. Here you can few the listings in your area.
  
  When you see one you're interested in, call up the agent and setup a showing.
  
  HUD sales are open until a bid is accepted. They will start a property open to owner-occuppied first and usually in a week or 2, will open the bidding to all (investors). If no bids are accepted/acceptable, after a certain time, HUD will reduce the asking price. NOTE: this has no rhyme or reason, but they may reject an offer at the first asking price, but later drop the price to lower than that bid. You simply have to keep watch on the property.
  
  HUD's updating on bids will be posted on your local area listings.
  
  Roger