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HUD Home and electrontic bid

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Regular Contributor

HUD Home and electrontic bid

So I've been a longtime surveyor of this site, have had lots of helpful insight and information for people on here and I'm hoping for a little more.

 

My husband and ! want to put a bid on a HUD home. We have the required repair money so we can go FHA, Have the closing costs. No problem there. The problem is that we missed the auction cut-off, we didn't get our pre-approval letter from our lender till this morning.

 

Our we out of luck now? I know they'll be posting the bids on monday, and we still want to put a bid in just in case.

 

Has anyone had any luck or heard of anyone else winning after the owner-occupied bid time? 

 

This would be our first time buying, and we're expecting our 2nd child - to say this is a stressful time is an understatement.

 

Thanks for all your help!!!

Message 1 of 4
3 REPLIES 3
Community Leader
Super Contributor

Re: HUD Home and electrontic bid

Are you working with a real estate agent?


If you are asking if it's possible to buy a HUD home after the exclusive owner occupied bid time has elapsed, so it's open to anyone, then yes it is.  I'm a bit unclear on your question though, granted I am not a HUD approved agent who makes offers on HUD homes.

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 2 of 4
Regular Contributor

Re: HUD Home and electrontic bid

Yes, we are working with an licensed agent who can submit bids for HUD homes, and yes, that did answer my question. My agent is gone till Monday, so we couldn't get in touch with her. 

 

This whole situation has been very fast, and overwhelming, and this house would be very ideal.

 

Thank you.

Message 3 of 4
Community Leader
Super Contributor

Re: HUD Home and electrontic bid

Well I'm glad my answer dart nailed the question bullseye.  Just remember that it does open up to most bidders once the exclusive period has elapsed, so if you feel you'll be competing with multiple offers then your first offer being your best offer is recommended. 

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 4 of 4
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