HUD / Realtor terminating listings early.

HUD / Realtor terminating listings early.

Specialist · Arlington, VA · Member since 2014 · 17 posts · 4 votes

Hi, all. We went to see a HUD property this morning with our realtor. At about 1pm we called the realtor back to put in an offer. He said he was on the site filling in the paperwork for us when it disappeared. The listing agent said they had accepted an offer eight minutes ago (In the middle of the afternoon) and that he was canceling the other three showings scheduled for that afternoon. The bidding process is supposed to close every night at midnight so what gives? We don't usually go after HUD properties, so the only thing I can come up with is that they accepted something based on the offers from previous days and just didn't take down the listing. Another realtor came through during the showing who is known for bullying his way into getting properties. I have no idea if he was involved or not, but something just seems off about this one. In the end maybe we would have gotten the property and maybe we wouldn't but since we were putting in an over asking price offer it seems like the letter of the law should be enforced. Has anyone else had this experience?

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    Get used to it. REOs and HUDs do whatever they want.  Sometimes you will find out the property has been under contract for weeks and the status was never updated. The agents who list these properties (In general, not all of them) are subpar agents who are incredibly overworked, and not making much on each property.

  • Greg H.Pro Member
    Moderator
    Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
    10y

    No issue at all.  While the deadline is midnight the bids are usually not accepted until mid morning and may not reflect "property not available at this time until mid day or so" .  The listing agent receives notifications the same time as everyone else and has no advance knowledge of bids or the $$ amount prior to acceptance

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