Updated about 19 years ago on . Most recent reply
Back up offer surprise!
Got a call around 4:10 pm on Friday. My agent tells me that HUD called him and wants the packet on our back up offer (put a bid in on a house last week but came in second). Called him back with questions but local HUD office was closed (after 5 pm). Computer still showing other offer as confirmed.
Today, other offer is gone and we're listed as confirmed on website. Guess I bought a house.
However, earlier in the day on Friday we had put in another offer on another HUD house where the bid period closes this Sunday. My spouse really likes the house we're currently bidding on better so we are eagerly awaiting the results Monday. If we win the second bid and a mortgage company will endulge us we may own two more houses by the end of September.
Confirmed winning bid house was bid at 84% of appraised value per County App. District and is less then three years old. Probably could either lease or flip with little concern and decent return.
The real adventure begins if the other bid wins also. I've never tried to arrange two mortgages and two closings within a week of each other. Any suggestions or advice?