If putting a bid for an owner-occupied HUD home, will I still have a right of refusal if once the bid is accepted my home inspector does not like what he finds?
You should have an inspection period, I believe it's 10 days with HUD, in which case you can get your EMD back if the inspector finds something.
You have a 15 day inspection period after HUD signs the docs. As an owner occupant you can get your earnest money back if you find something that was not preciously disclosed on the PCR. That report can be found under addendums on the www.hudhomestore.com
Thanks Andrew and Mark!
Mark, your response leads me to believe that backing out of the purchase agreement during the option period for any reason (other than finding something not disclosed on the PCR) will forfeit the earnest money. Is that correct? With a regular home in the past I just forfeited a $100 fee and I received my earnest money back as a result of backing out during the option period. Thanks for the clarification.
I'm trying to find this information on the HUD website but have been unsuccessful. Any guidance there would be much appreciated.
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