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Old 05-03-2012, 10:05 PM
 
Location: kcmo
712 posts, read 2,146,838 times
Reputation: 374

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Can anyone walk me through/tell me some basic "hud home" purchase stories.. I'm trying to figure out what's going on in my experience.. as I placed a offer on a recently listed property..

That is.. for: Owner Occupants, Nonprofits, and Government Agencies only

Which I am a owner occupant.. apparently all bids have to be submitted by saturday.. and then what happens.. hud's "asset manager" makes a decision monday morning.. or....???

This property is new on the market as it looks like it became available on 04/20 and it looks like it ends

Listing Period:
Exclusive

Period Deadline:
5/25/2012

I guess.. I don't understand.. is it exclusive to.. owner occupants, nonprofits and government agencies until 05/25.. then they allow private investors? or does that happen this saturday?

I qualify as owner occupant so.. I dunno.. process is confusing to me..
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Old 05-04-2012, 12:21 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,320,866 times
Reputation: 6471
Quote:
Originally Posted by themaster View Post

I guess.. I don't understand.. is it exclusive to.. owner occupants, nonprofits and government agencies until 05/25.. then they allow private investors? or does that happen this saturday?

I qualify as owner occupant so.. I dunno.. process is confusing to me..
You understand it perfectly. They don't offer the property to investors until the owner/occupant buyer pool has a chance to make an offer. After that they open it up to anyone.
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Old 05-04-2012, 12:25 PM
 
Location: Columbia, SC
10,967 posts, read 21,998,069 times
Reputation: 10685
You just need to go hire a HUD certified agent to work you through it.
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Old 05-04-2012, 01:24 PM
 
3,398 posts, read 5,108,692 times
Reputation: 2422
Quote:
Originally Posted by Brandon Hoffman View Post
You just need to go hire a HUD certified agent to work you through it.
You have to. You aren't allowed to buy a HUD home without an agent. HUD won't allow it. Don't you just love stupid government rules?
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Old 05-04-2012, 03:11 PM
 
Location: Columbia, SC
10,967 posts, read 21,998,069 times
Reputation: 10685
Quote:
Originally Posted by Nocontengencies View Post
You have to. You aren't allowed to buy a HUD home without an agent. HUD won't allow it. Don't you just love stupid government rules?
Why is it stupid that the agent must be approved by HUD? I have no issues with it.
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Old 05-04-2012, 06:52 PM
 
Location: kcmo
712 posts, read 2,146,838 times
Reputation: 374
Quote:
Originally Posted by DMenscha View Post
You understand it perfectly. They don't offer the property to investors until the owner/occupant buyer pool has a chance to make an offer. After that they open it up to anyone.
One thing I don't understand is.. does that happen after saturday.. or after the 05/25 date??

Eligible Bidders: Owner Occupants, Nonprofits, and Government Agencies only
Bid Submission Deadline: 5/5/2012 11:59:59 PM
Bid Submission Time Remaining: 1 Days 4 Hours 15 Minutes

Listing Information List Date: 04/20/2012
Listing Period: Exclusive
Period Deadline: 5/25/2012 11:59:59 PM
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Old 05-04-2012, 07:31 PM
 
Location: Cary, NC
43,320 posts, read 77,177,570 times
Reputation: 45664
Quote:
Originally Posted by themaster View Post
One thing I don't understand is.. does that happen after saturday.. or after the 05/25 date??

Eligible Bidders: Owner Occupants, Nonprofits, and Government Agencies only
Bid Submission Deadline: 5/5/2012 11:59:59 PM
Bid Submission Time Remaining: 1 Days 4 Hours 15 Minutes

Listing Information List Date: 04/20/2012
Listing Period: Exclusive
Period Deadline: 5/25/2012 11:59:59 PM
This one goes off in the morning, bids open on Saturday.
It will probably be opened to all buyers, N/O/O and investors, tomorrow.
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Old 05-04-2012, 08:51 PM
 
3,398 posts, read 5,108,692 times
Reputation: 2422
Quote:
Originally Posted by Brandon Hoffman View Post
Why is it stupid that the agent must be approved by HUD? I have no issues with it.
You are required to have representation and don't have the option of buying a HUD home by yourself.
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Old 05-04-2012, 10:33 PM
 
936 posts, read 2,203,610 times
Reputation: 938
The agent presumably knows how to navigate the system so that HUD doesn't have a bunch of amateurs who don't know how to fill out the paperwork and do all of the follow through work. By 'amateurs' I mean people who don't do this for a business.
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Old 05-06-2012, 06:17 PM
 
Location: kcmo
712 posts, read 2,146,838 times
Reputation: 374
Hmm.. well now the hud home reset to a 24 hour period.. apparently you have until sunday at midnight to get a Owner Occupants, Nonprofits, and Government Agencies only bid in..


We'll see what it says tomorrow!
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