I Am So Mad. I May Lose This HUD Home!
We placed a bid via a real estate agent for a HUD home, and out bid wars accepted two weeks ago. We signed the HUD contract and the real estate agent pysically brought the contract to HUD/Best Asset. Then guess what? I found out that the house was relisted this weekend. We called the real estate agent, HUD, and Best Asset. None of them wants to take responsiblity for what happened. All they said was to place another bid by the deadline of this Tuesday.
The bottomline is the real estate agent made a mistake on the contract, and the agent and Best Asset did not communicate to each other about it.
Obviously we, as purchasers did nothing wrong. If we did not get this house, what our legal recourse? We already did our due delligence and conluded that we could make up to $100,000 for this property.
:-x
I feel your pain. I recently found a HUD that was county appraised at 105k and listed at only 42k, needless to say, I won the bid at 22.5k. :O)
Thing is, my realtor is really lax on staying on top of things. This is my second HUD purchase and second time having realtor troubles. HUD is very picky, and tough when it comes to proper paperwork. I call and check on my paperwork daily with First Preston, basically cleaning up realtor work.
Not really a helpful post, but I know how you feel.
Scott
Where do you find HUD homes? I also heard that it was not good to work with realtors, is this true?
SmileyFace:
I also fear your pain as I have been subject to this also. It sound as if the agent you were dealing with is not familiar with how HUD works. If all of your ducks are not in line, then You lose!
Here is my suggestion. As you probably know, all HUD cares about is their bottom line. Find a broker that will take a flat fee commission of $500.00 on the back-end. This will make you very competitive. Then go to HUD and get a sample package of how the contracts should be filled out. Then when you submit your bids, You fill out the contract, have the broker sign and hand deliver....
Once last thing, where is your copy of the contract? Was it filled out correctly? If so, then drive over to Best Asset and raise h----. They can pull the listing if they want to.
Best Riches,
Jeff Adam
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Quote:
On 2004-12-30 00:20, DMAC wrote:
Where do you find HUD homes? I also heard that it was not good to work with realtors, is this true?
DMAC,
Sir. Im not sure where you look for property, but in Texas and a large amount of other states, www.FirstPreston.com handles HUD's forclosures under a contract with them. You need a realtor to make a bid on a HUD home, as HUD requires a broker # submitted with all bids.
Scott
SmileyFace
Understand you did not purchase the property. It's a bid process and they accept the bid based upon the net to HUD not your gross bid.
Was your bid submitted?
Did you check the status of bid your self?
Did you use a HUD qualified realtor? Or did you go through a 3rd party.
Understand HUD will favor an owner occupied bid over an investors bid!
In all my market areas I research the most active realtor who is dealing with HUD bid's and only use them.
Truly sorry about all the problems your are having.
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