My husband and I are bidding on a HUD home. As of this time the House was just place on the market (it has been on the market as a foreclosure before I reckon 2 Yrs ago). They are asking 110,000 but we feel it is worth about 80,000-95,000. We bided 85,000 and the hud realtor said since it is the first time it is listed they probably won’t accept it. But he did mention no one is looking at it. Also we have a few family members that are really directly located by the home and say it has been extremely silent. Cars drive by stop and just take off. We looked up what they got for the house two years ago and it was 110,000 and they did NO WORK. It needs tons of TCL but that is okay with us. I am confused a tad on the process. If they don’t accept us and go no other bids will they relist it or will it go up for grabs for investors? Hmm …By the way I don’t know if it help but we are in Jersey.
Bidding on a Hud Home?
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In many cases, out of the money the company first mortgage holder or primary constraint is the higher or highest bid. A Sheriff's Deed or Trust Deed has brought home the note back to winning bidder and the loans were all swept away by the ... These mortgage companies want to see exactly what they will be received by a sales company based on a preliminary HUD settlement sheet, lawyer or trustee. Remember, when it comes to the second mortgage holder that you can lose if the ...
Here are the facts: a Real estate agent an offer for me to buy a foreclosure from HUD. I won the auction. I submitted the contract and as security. Now I am informed that I did not win the bid, based on the real estate is not subject to the application for them. ... Categories: Government Tax Foreclosures Tags: foreclosure, foreclosures, homes, hud, hud foreclosures, hud foreclosures florida, hud foreclosures for sale, hud foreclosures nj, hud foreclosures nyc, realestate ...
Mableton and Powder Springs homes are also selling for unbelievable low prices and buyers are bidding against each other to gain the bids. Marietta and Smyrna are no the exception but they are doing somewhat better. I get very exited to help home buyers find and purchase foreclosures, short sales and HUD homes and help them make their American Dream possible. This down market has absolutely benefited lots of first time home buyers, investors and people who never thought ...
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HUD’s preference is to have an owner occupant buy the property so for the first ten days after it goes on the market, only people who are going to live in the house (for a minimum of one year) are allowed to make offers on it. During that ten day period HUD, or more accurately, the company handling the process for HUD, no offers are accepted they are all just gathered. AFter ten days ALL of the offers are looked at and HUD takes the offer which offers them the highest NET. (Net consists of the offer price, minus any closing costs you question them to pay (up to 3%), minus the commission paid to your real estate agent/broker.
Note: if no offers meet their minimum, they will NOT sell it. It will then become available for investors to bid on. If no one puts in a high enough bid HUD will eventually lower the price, re-list it and then allow owner occupants only to bid on it for FIVE days and the cycle just continues until the price is low enough that an owner occupan or investor offers up the minimum amount HUD needs to get. (I am the listing agent for HUDs in Pensacola Florida but the process is pretty much the same through out the country. If you have more questions you can contact me at 850-377-1888. It can be a small confusing but it can often be very much worth your time to puchase one of these homes.
Sam