All Forum Posts by: Mary M.

Thanks Mike and Jon for your experiences. I think I might shoot for 80% and see what I come up with. They seem to get back to you the next business day. :D

My agent is saying that HUD only entertains prices within 85% of asking price. Is this consistent with what everyone has experienced? I am going to resubmit an offer and leave off the quick close. I'll let you guys know what happens!

Both great responses! They definitely have their own set of rules. I'll let me agent know....

Hello Everyone,

I am curious if anyone is interested in obtaining a contract for a lease option in Chehalis, Washington? I mainly do wholesale so am looking to pass this one on to someone. Let me know and I'll provide details....

Two days ago I put in an offer on a REO owned by HUD. My agent went to check on status of offer yesterday and said HUD had canceled my offer with no explanation. Can someone shed some light on why this may have been the case? Here are the details:

Asking $75K
My Offer $50K cash, close in 5 days (contingent on inspection)
Est Cost Repairs: $35K
ARV around 160K

Also, when my agent submitted offer she had said the website said there was only 6 hours left to bid on the property, but she didn't know for sure. I'm not sure if my agent is just not on the ball or perhaps inexperienced with HUD, or is HUD just 'like this'. I feel she should be guiding me through this process. Am I wrong?

Thanks everyone for the replies and all good points. My offer is already in and ready for the 1st day, which is a week from now. I'll let you know the outcome!

I had a similar reaction, Jake. It seems a little too invasive that they can stipulate when I can sell. I would be more understanding on putting a cap on the % that I could resale for, but a whole year of no opportunity to liquidate is crazy. That's a long time! Luckily, the fact that I am waiting the 14 days I am not held to this BUT I risk losing the deal altogether to someone who may fall through on financing. Whatya gonna do.... *sigh*

Oh wow, thanks for that detailed response, Michael. Guess I'll be playing it really safe then. Thanks for taking the time to respond, everyone. :D

Thank you for your replies. I had heard of the deed restriction you mentioned, David, but never come across the 12 month requirement. It just seems absurd to require a compliance for a year and I was trying to imagine how they would legally be able to require this.

Hello Everyone!

I am placing a offer on a Fannie Mae REO, offering a 5 day close and all paying all cash. Has anyone come across the stipulation of investors having to wait 14 days until our offers will be reviewed, while offers that are placed by those who are going to be owner occupied having first dibs (and not having to wait the 14 days)? My realtor stays It states that if I were to submit my offer as an owner-occupy and break the agreement, I would have to pay 'damages' of $5,000. Also, I would not be able to resale for that same 12 month period!? Can they really enforce this? Any experience with this? It surprised me on many levels because I would assume the banks would want to unload their REOs quickly instead of waiting on a homeowner who may have a financing contingency.