Real Estate Agent · Brandenburg, KY · Member since 2015 · 277 posts · 68 votes
I've read for the past hour regarding this and learned a wealth of info.
I will be offering the asking price. Owner occupant bidding ends at 1159pm ct on 6/6.
My buyers agent is not real experienced (although her father is, she works for her father). So do I have a better chance of having this offer accepted if we submit at 1201am ct on 6/7? I read a lot of discussion on the timing of these deals. What else do I need to know going in?
Anything else to consider as the property is a great distance away from me, although I have family close to the property to handle anything I may need?
I've read for the past hour regarding this and learned a wealth of info.
I will be offering the asking price. Owner occupant bidding ends at 1159pm ct on 6/6.
My buyers agent is not real experienced (although her father is, she works for her father). So do I have a better chance of having this offer accepted if we submit at 1201am ct on 6/7? I read a lot of discussion on the timing of these deals. What else do I need to know going in?
Anything else to consider as the property is a great distance away from me, although I have family close to the property to handle anything I may need?
Thanks in advance!
I am assuming that you are bidding as an investor ? Some here have indicated that they bid at 12:01 and had their bid reviewed the same day but I have not experience any benefit.
Keep in mind that the highest net to HUD wins so try to make your net as attractive as possible keeping in mind that the numbers need to work. If the property is in Texas, there are 3 different Asset Managers that handle HUD homes. There are a few different nuances between them but no major differences
Are you and your agent in the same town ? If not it makes it a little more difficult to get the contract in within 48 hours but it is doable. If you are doing an inspection keep in mind that you pay all the costs to get the utilities and possibly the cost to de-winterize and re-winterize and will not get your earnest money back based on the inspection
Feel free to contact me if you have any questions. Good Luck !
The property is no longer listed on the hud website and is pending according to another source. I'm assuming they accepted another offer. My RE agent didn't hear anything.
Is it normal for hud or the asset manager to ONLY contact the person who's offer was accepted?
The bid submission deadline for all properties I see listed on hud.gov in the extended period have a deadline of midnight, daily. Do offers have to be resubmitted daily?
Your agent can log in to their Hudhomestore account and if another bid was accepted the status will be OBS (Other Bid Selected).
Your agent will not be contacted if your bid is not accepted and during the extendedperiod bids are reviewed daily M-F
Just for clarification.....I submitted my bid on Sunday (the day extended period opened). The asset manager reviews the offers on Monday. Lets say they don't like any of the offers submitted. The bidding period ends daily at midnight. When the asset manager reviews the bids on Tuesday, is my bid still being considered or would I need to resubmit?
The property is no longer listed on the hud website and is pending according to another source. I'm assuming they accepted another offer. My RE agent didn't hear anything.
Is it normal for hud or the asset manager to ONLY contact the person who's offer was accepted?
The bid submission deadline for all properties I see listed on hud.gov in the extended period have a deadline of midnight, daily. Do offers have to be resubmitted daily?
Your agent can log in to their Hudhomestore account and if another bid was accepted the status will be OBS (Other Bid Selected).
Your agent will not be contacted if your bid is not accepted and during the extendedperiod bids are reviewed daily M-F
Just for clarification.....I submitted my bid on Sunday (the day extended period opened). The asset manager reviews the offers on Monday. Lets say they don't like any of the offers submitted. The bidding period ends daily at midnight. When the asset manager reviews the bids on Tuesday, is my bid still being considered or would I need to resubmit?
Based on your info, more than likely an owner occupant bid was accepted so all investor bids made on Sunday were not even considered. All bids submitted over the weekend are opened on Monday and since the Exclusive period ended on a weekend the owner occupant bids were opened and one was acceptable. In this case no investors had a shot even if your bid was higher
You can check the Bid Results tab in a week or so and the winning net bid should be listed. Keep following the status as a high percentage of owner occupant bids fall off and the property will be relisted
@Jeremy Jackson, good luck with this one, you've received some great advice. My experience with HUD homes is that the bidding is pretty competitive once the owner-occupant window is up. Of the two HUD properties I've purchased, I've gone in over asking. Good luck with this one! Let us know how it goes.
@Daniel Ryu that is awesome! Way to organize an amazing international group and bring in some awesome (virtual) speakers, very cool.
Thanks Andrew!
We may be far away but we have some dedicated BP members and investors out here.
Investor · Albuquerque, NM · Member since 2015 · 29 posts · 9 votes
11y
I just purchased a HUD home. All done electronically, no real signatures. I put $1000 earnest money down. My guess is I would lose that if I backed out. HUD had just reduced the price and it was a good deal if the house didn't need a lot of work.
The inspection period was really a joke. You have to get permission to turn on the utilities. I got the electric, no problem. Then the water. There was a leak in the back yard.I had to get a plumber in to correct just to get water. All the time asking for daily extensions because they don't allow you to have utilities on for more than 72 hours.
In the end, I didn't turn the gas on to check the water heater or furnace. HUD makes you liable if anything happens. Of course, you have no liability insurance if any thing goes wrong because you don't own the house.
I lucked out and all worked. The project was mostly paint and carpet.
I'm not sure I'd buy a HUD home again. Both Fannie Mae Homepath and Freddie Mac turn on the utilities for you. My last deal with Freddie Mac was way less stressful because I had a real inspection.