Hud Question
I know that Hud gives people who plan to live in the home a chance to purchase first, but there is a home that Hud has that is appraised at 140,000 ( thru the county)and they are asking 149,000.
I think that is why its not gone, the home has been out there a month. My question is how long will hud sit on a property before thery are willing to take a lower bid, the house is only 3 years old. Thanks to anyone who answers me.
This is what I have heard from a HUD realtor (may not be very accurate though): most HUD homes sell for 80%-90% of the original asking price, but some can sell for 70% or and others 100% of the listing price.
As a realtor, I would tell you to make an offer as an investor. HUD guidelines say 10 days for primary residence. So your ok there, but in the future, HUD has accepted investor offers prior to the 10 day period
Understand the bid process
Let’s review:
Owner-occupants only – full price within published bid deadline
Daily, owner-occupants – LESS than full price, midnight deadline
Daily, all purchasers – any buyer, any price acceptable to HUD
You can check to see what the other bid's have been placed on the subject property at hud's web site and if your bid is lower than what hud has turned down you will most likely be turned down as well.
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