Listing Expired- now what?

Question

I was recently researching a house that is a HUD listing that had a previous offer, but the deal fell through.  It came back on the market for about a week and now the listing has expired...It was on the market for a total of 90 days.

I was going to view this property tomorrow ready to make an offer what can I do now?

Is this property no longer available or should I contact the local HUD office to see what the deal is?

Adrian Williams · Answer

Yes when I had my license all Huds had the same deadbolt so there was a universal key that all Realtors in the city had but the problem was alot of Realtors were making copies of keys and giving them to investors and they couldn't keep track of who was in what homes, I don't know if there still on that same deadbolt system but from what I remember the first 10 days the home is offered for owner occupants and after that it opens for whoever and yes typically Hud lowers the price every week until sold if you talk to an agent they can actually see what dollar amount previous offers came in at and how many offers were made my advice call and agent its not going to cost you anything extra and they could probably help you out quite a bit and assuming you don't sign a buyers agency you aren't obligated to work with them. :)

Curtis Williams · Answer

Thanks Adrian for willing adding to the depth of what I said. If you get a chance, hit me up on a PM... Want to bounce some ideas off of you if your interested.

Adrian Williams · Answer

I agree with ^^^^ & Yes During the owner occupant period only owner occupants can bid as far as ecrow/repaairs goes When a Hud Home is listed as "INSURED-Repair Escrow" it means that one can purchase the property with FHA-Insured Financing But it doesn't meet ALL FHA "Minimum Property Standards"and that funds sufficient to fix whatever needs fixing to bring the property up to standards must be Escrowed by the Lender. The Listing should tell the Lender & prospective Buyer what work needs to be done and the amount of money that needs to be placed in Escrow at Closing to provide for getting the needed work done within 90 days of the Closing!

The amount of money needed for the "Repair Escrow" is added to the Buyer/Borrowers' loan amount, so the Buyer/Borrower actually pays for the needed repairs. And the Buyer/Borrower--now Homeowner--gets the work done AFTER closing and pays for it out of the "Repair Escrow" Account!

Hope this helps! :)

Curtis Williams · Answer

Hey David,

HUD normally provides a two week periord (I believe thats the length) for owner-occupants to make an offer. Investors are warned not to bid on properties during this time. Wherever your looking at the listing, it should show the time period before it goes "open" to investors.

I know the site I use in Birmingham does...

David Robertson · Answer

Adrian,

www.hudhomestore.com has it listed.

Another question:
Can you place a bid on a house that is listed as "Exclusive" for Owner Occupants ownly if you are an investor?

As an investor, if I submit a bid will they hold my bid until it is open to investors or just immediately reject it?

Also, what is a repair escrow and how does it work?...

Thanks for your help.

David Robertson · Answer

Thanks Adrian,

I looked on Bidselect.com and it doesn't appear to be on there yet.  Will I still be able to view this property and make an offer even though the listing has expired?

Do they typically relist the property at a lower price after listing expiration?

Thanks.

Adrian Williams · Answer

Hey David looks like your in Kansas City like me go to www.bidselect.com and see if you can find the property there. If it didn't sell I'm almost certain that its still available alot of the Hud homes it seems that Hud is starting to assign them to individual Realtors "mike phillips" with Century 21 All Pro used to get just about all the HUD listings I would look on bidselct and if you can't find it I have a awesome Realtor who could help you !

#When In Doubt Hire Ask For Help

Goodluck ! :)

Listing Expired- now what?

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