Buying From HUD
Hi Everyone,
I'm considering buying a multifamily from HUD and had a few questions regarding the mechanics of the transaction. The rep I spoke to at HUD's main phone number wasn't much help, and so far haven't gotten a response from the listed asset manager so I'm hoping the BP community can help me out.
1) Is it possible to do a walk through of the property prior to submitting a bid? If so who would I contact to line that up?
2) If a bid is accepted how quickly does HUD require the transaction close? The property will require work and my lender says an approval can take 45-60 days.
3) How/where do the closings take place?
4) The property has a "Period Deadline" date of 9/9/16. Is this the last day bids can be submitted? Would HUD accept a bid prior to that date, or are they essentially collecting bids from now to then and the best one will be chosen on the Period Deadline date?
Thanks in advance for any feedback. I greatly appreciate anyone who takes time out of there day for those of us trying to learn.
Steve