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Buying HUD home with USDA loan. Need help please!

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sherakay
Valued Member

Buying HUD home with USDA loan. Need help please!

I live in LA and the house I want to buy is in Buckeye, AZ. It listed 6/7, so the 10 day period ends tonight. I can't get out there to see the house until Tuesday. If the house is still listed on Monday, does that mean no bids were submitted or only too low bids were submitted? Then after the 10 days when it opens to investors and not just owner-occupants, do I have to wait until 7/6 when the listing ends if I place my bid on 6/19 to see if it was accepted?


Starting Score: Walmart myfico 664 TU Lender Pull 690 EQ Lender Pull 669
Current Score: Walmart myfico 698 TU Equifax- 686 Experian- 692 Transunion- 700 Lender Pull 7/18/12
Goal Score: 720


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Anonymous
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Re: Buying HUD home with USDA loan. Need help please!

On Monday if it is still listed, they did not accept any bids. Either the bids weren't reasonable or they didn't recieve any. HUD can accept bids before the closing date and remove the listing, so if they accept your bid, you probably wont have to wait to the end of the bidding time. Also, you can only make bids through a a HUD agent. My real estate company had one in their office.

 

Make sure you read all of the documents attached to the listing so you know what kind of condition the home is in. (There are informational tabs at the top of each listing that contain .pdf documents of inspections and other notices you'll want to read.) I decided not to bid on the home I was interested in because it had undisclosed mold. (TONS of it.) Make sure to definitely do your walkthrough before placing a bid.

 

Good luck!

Message 2 of 5
sherakay
Valued Member

Re: Buying HUD home with USDA loan. Need help please!

Thanks so much about mentioning the tabs! I had clicked through the tabs before, but didn't open any of the files under Addendum! So great to know what's really the condition of the house when you can't tell from the pictures or it's not listed on the MLS.


Starting Score: Walmart myfico 664 TU Lender Pull 690 EQ Lender Pull 669
Current Score: Walmart myfico 698 TU Equifax- 686 Experian- 692 Transunion- 700 Lender Pull 7/18/12
Goal Score: 720


Take the FICO Fitness Challenge
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Anonymous
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Re: Buying HUD home with USDA loan. Need help please!

You're very welcome. Since I didn't go that route, I am thrilled to share what I learned from my experience with you. Otherwise, it'd be wasted information in my head. LOL

Message 4 of 5
Anonymous
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Re: Buying HUD home with USDA loan. Need help please!

BTW - I apologize for the two different screen names. I created one before I got my FICO account and it's autosaved in my computer. Sometimes I forget to log in with my new SN.

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