Posted by Nancy - Indiana on April 15, 2002 at 18:49:09:
Yes, bids for HUD homes must be submitted by a real estate broker. If your offer is accepted, funds must be verified (they don’t want a deal to fall through because of financing). The paperwork must be exact and if it isn’t, they will kick it back to the realtor to fix and re-submit. It usually takes up to 45 days to close (they set the date) so you must be patient.
HUD property - Posted by Terri
Posted by Terri on April 13, 2002 at 23:54:01:
Hi,
I found an abanded property I am interested in. I researched and found out that it is an FHA property. I made some phone calls and came to the conclusion that I will have to bid on the property thru the HUD online bidding procedure. Problem is the property isn’t listed with HUD or with the Management property they someitmes use. Does anyone know how I can find out when this property will come up for bid? Are there certain procedures that an FHA property goes through. Thanks, I am new to this and in the learning stage.
Thanks in advance,
Terri
Re: HUD property - Posted by Nancy - Indiana
Posted by Nancy - Indiana on April 15, 2002 at 12:50:39:
All HUD homes go through an eight (8) step process from property acquisition to an accepted offer. If the property is in the acquisition stage, it will not be listed until they have inspected the property, secured it, and have determine a “net to HUD” figure they will accept once the property is listed.
You can sign up with www.homesdirect.com and receive a list of HUD and lender owned properties in your area when they go on the market. The lists usually come out each weekend.
Re: HUD property - Posted by Terri
Posted by Terri on April 15, 2002 at 14:32:56:
Thanks for your reply. I wasn’t sure how the process worked. Do I have to put a bid thru a broker? Thanks again