Working with HUD offers are the
same process as a normal purchase at first.
The difference in the process is the way that the offers are written and
submitted.
HUD homes come on the market at
different levels as I stated in the first part on this blog. The homes are brought on with a 10 ten day
viewing time to give the buyers time to review the homes and determine if it is
the right property for them. It is then a silent bid process submitted
online.
The Earnest Money amount the
any HUD home is $1000.00 (one thousand dollars).
Having a Realtor that has done
HUD bids is defiantly an advantage.
Knowing what to write and how to write it is a must or the buyer faces
rejection from the start.
Enlisting the help of an experienced Realtor is a “need to” factor at least the first one. Have your Realtor contact one of the HUD listing agents for their advice.
Enlisting the help of an experienced Realtor is a “need to” factor at least the first one. Have your Realtor contact one of the HUD listing agents for their advice.
Now if your offer is accepted,
you must have all of your paperwork ready to mail to the HUD BLB (the HUD
contractors that do the work) within 24 hours.
We will get into what happens
when your offer is accepted in part 3.
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