Bidding in a HUD home foreclosure, can anyone bid?

Question

Can just anyone bid on a HUD home that is currently in foreclosure? Any advice is appreciated.

Darrell Bratton · Answer

@Noreen Eddy, Thank you so much for responding. I was so confused but I am now coming out of the fog. I love how the BP community helps each other to learn.

Darrell

Noreen Eddy · Answer

@Darrell Bratton @Wayne Brooks  Right-o!  I think the owner occupant rule depends on the property!  My hubby and I live in one that was owner occupant/agencies bidding only - but that was only a 5-day period, not 21 day.  Every property is different, and keep in mind - like playing the computer in a chess game - HUD will often change the rules as they go.

We found that owner occupant helped us beat the pack in a competitive area (we're right outside NYC) - but it's not as crucial in less dense areas and/or for really ugly duckling properties.

Happy hunting!

Wayne Brooks · Answer

“Currently in foreclosure” would mean the foreclosure process has begun, but not been completed.  There is no “bidding” at this point.  The owner still owns it,  not HUD.

You could Buy it from the owner now if they agree, and you’re paying off the loan balance and any other debts.

You can bid at the foreclosure auction, if you have the Cash on hand.

After the foreclosure auction, if HUD gets it back, it will be listed, your agent would submit offers thru HUD Homestore, as @Brian Pulaski mentioned.

Darrell Bratton · Answer

@Wayne Brooks,

That is wonderful news. This just opened up a whole new strategy for me.

Darrell

Wayne Brooks · Answer

@Darrell Bratton HUD, like most gov’t related reo’s have an initial period where only owner occupants can offer, the first 21 days I believe.  If it doesn’t sell then, it opens up to investors.

Brian Pulaski · Answer

I believe you need a HUD approved realtor to submit the bid. I imagine if you were unrepresented the selling agent would "bid" for you. I purchased a HUD house and my agent couldn't submit. The selling agent had to. Since then my agent has become a HUD agent.

Bidding in a HUD home foreclosure, can anyone bid?

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