Has anyone ever done HUD offer on the HUD web site in CT? I put an offer Thursday and it came back Friday telling me I missed the HUD minimum sale amount by a certain dollar amount. My agent re-entered the bid at enough to cover the HUD minimum and it started asking for closing date which it did not ask for the day before. After he entered the date and other info the property now shows three more days to bid till Tuesday Monday being a holiday. I am wondering if this means I will get the property if no one else bids higher after the three days since I met their minimum? Since it asked for a closing date the second time I countered I was thinking I am close to getting it, but don't really know how HUD works. Curious if anyone is familiar with this in Connecticut?
I haven't bid on a HUD property in over a year, but I think the closing date is just part of the process in filling out their bid form. I wouldn't really read much into it - until you have a signed Purchase and Sale Agreement - and 184 other items that HUD will require along the way - nothing's really happened. They could be negotiating with a dozen other bidders or they could be negotiating with just you. It's impossible to say.
Thanks Karin! The only reason I was reading into it a little more is that they didn't ask a closing date on my initial Bid, only my counter that met the minimum. But I hear you.. it could be many or just me! lol.. Guess I will know soon enough!
HUD closes their bids at midnight and your agent will get an email. You are suppose to close in 30 days but they can extend it as things with HUD properties do not move that fast. I purchase one of my properties from HUD. I actually asked what made sense to me and offered 7k or 10k under the asking price (forgot). The realtor agent working with me thought I was not going to get it, but to his surprise it was accepted. Look for the property that you want to purchase in another real estate sites like zillow or any other. If you find it see who is selling it and if the property is being announced as a HUD property or just foreclosure. What I've seen is that some HUD properties somehow still have ties with the bank and somehow, in my opinion, think is the bank's last chance to make some profit before it is 100% HUD owned. I have Seen this in a few houses in my area. I could be wrong but the truth is that the price you bid does not have to be what they are asking for. Also make sure to be using the HUD website and, of course, that your agent is qualified to buy HUD properties. Other than that, once the Bid is accepted it does take a little bit more time to purchase because it is a government agency and it is not run like a business, so expect people not talking to each other. However if it was a good deal, it will be worth the wait. Good luck...
Anyone have an investor friendly HUD realtor in CT?
I work with @Michael Noto and he has helped me successfully close a HUD house. Please note I offered full price, as it the price dropped to a comfortable margin for me to BRRR the duplex in Manchester.
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