HUD Bidding Process
Get Into a HUD for $1,000!
To submit an offer on a HUD home, HUD requires three things from the buyer. First off you must submit your offer or bid with a HUD registered broker. Not all agents are HUD registered brokers. Second they require earnest money in the form of a money order made out to HUD in the amount of either $1,000 or $500. If the total purchase price is over $50,000 then the earnest money is a $1,000, if the total purchase price is below $49,999 then the earnest money is only $500. Lastly is a Pre-qualification from a repeatable lender, if you want help getting pre-qualified I work with the best lenders in town who can do it for FREE. So please contact me at
M.Monaco@TheMonacoGroup.com.
If you submit an offer during the Owner Occupant period you agree that you will live in the property for one year, if you buy the home during the investor period as an investor HUD puts no restrictions on how long you have to occupy the property
HUD Bidding Process
When you submit your offer it is similar to any other auction. But it is done electronically, through your HUD registered broker. HUD will take the best and highest offer during the bidding period. On new listings the bidding time period is 10 days for Owner Occupants and for re-lists and price reductions the bidding period is only 5 Day for Owner Occupants. If not bids are accepted then HUD will open the bidding up to investors and Owner Occupations
Closing
A typical HUD transaction is closed in 45 day from the day the contract is accepted by HUD. It may close sooner, but it is dependant on how fast the lender gets the title company figures, and how fast the title company can process the file. It pays to work with a reputable lender and a lender who has previously closed HUD homes.
Work with Experience
It will save you a lot of head aches if you work with a reputable real estate agent and lender. We can get your transaction closed fast, find a great deal for you and headache free. If you have any question please do not hesitate to call me at 303 523-5188 or at
M.Monaco@TheMonacoGRoup.com
