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Does anyone know much about HUD bidding and winning bids ??

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Anonymous
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Does anyone know much about HUD bidding and winning bids ??

Does anyone out there know much about HUD, this past week I just bid and won on a home here in my town and got approved for the loan for the purchase of the home, My realty agent has sent in all the propper paper work, the thing I am concerned about is, she the realtor told me that HUD could change their mind and give the home to someone else even after I won the bid ..Does anyone know how often this happens ?? You place a bid win and then they change their mind ? She said once we get the signed paper work back from HUD only then will we know the house is mine .. if anyone has any advice or comments, I would love to hear them, as I feel like I am now in limbo and not sure if I am going to get the home or not .... Thanks to all .. this is a great forum...
Message 1 of 5
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ShanetheMortgageMan
Super Contributor

Re: Does anyone know much about HUD bidding and winning bids ??

I've helped a couple people buy HUD homes and in both situations they didn't have the home until they got a contract signed by HUD.  They were told they won the bid but we all waited until we got the contract.  In real estate verbal commitments don't mean much.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 5
Anonymous
Not applicable

Re: Does anyone know much about HUD bidding and winning bids ??

Thanks Shane, thats pretty much what I have been told. what is the normal turn around to get the signed contract back from HUD ? and have you ever heard of them changing their mind and giving the property to another bidder ? My bank said she has had it happen once in her many years, she said it was taken back and given to a Katrina victim ... thanks again for your help ..
Message 3 of 5
ShanetheMortgageMan
Super Contributor

Re: Does anyone know much about HUD bidding and winning bids ??

In both transactions once HUD gave the verbal, they followed through with the signed contract... although I'm sure they can back out and select another buyer after they give the verbal, I don't think it's very likely.  In both situations it took about 2 weeks to hear back from HUD.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 5
Anonymous
Not applicable

Re: Does anyone know much about HUD bidding and winning bids ??

When you submit a bid, get the agent to send proof that they submitted a bid as a first step.

 

If you win the bid you get the house generally, it would be extremely rare.

Message 5 of 5
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