|
On each property it will have the date the bids are due and if it is available to "owner occupants" or "all purchasers". They add properties to this list each Friday. The property will e on the market for 10 days for "owner occupants" only. If it is still available after 10 days, investors can bid on it. The bids have to be written and submitted by 11:59 p.m. on the due date. Each property will have a date on it, which is the date the bids are due. The ones that say "Daily" means no bids came in on the bid date, so any bids will be opened daily (Monday through Friday). These lists tell you the address of the property, the zip code, the number of bedrooms, the number of baths, the case number, the date bids are due, and a price. It will also say IE, UI, IN. These codes tell you what type financing you can use to purchase the property.
For the first 10 days a property is up for bid, it is available to "owner occupants" only. That means the bidding is open only to people who plan to live in the property. Each property with say "Owner Occupant", "Owner Occupant - Daily" or "all Purchasers". On day eleven, if the property hasn't sold, the bidding is open to investors to bid. These properties say "All Purchaser" on them. GETTING PRE-APPROVED FOR A MORTGAGE
LOOKING AT THE PROPERTIES When you get your HUD list printed off, you will want to drive by the properties to see which ones you want to look at. To see the inside of the properties you need to call a real estate agent that is approved to sell HUD homes. My office would be happy to show you the property. Email me or page me for an appointment. My pager number is: 918-902-0721. INSPECTIONS The HUD homes are sold "as is". The HUD contract now allows a buyer 15 days to do an inspection on the property. HUD allows the buyer to turn the utilities on in their own name to do inspections. We recommend that all buyers do inspections on their property. We have a list of inspectors who are licensed by the state to do these inspections. LEAD BASE PAINT INSPECTIONS If a house was built before 1978, you may want to get a lead base paint inspection. There will be an addendum attached to your contract giving you the right to inspect for lead base paint. SUBMITTING A BID When you find a house you want to bid on, you need an agent approved by HUD to submit the bid for you. My office will be happy to help you with this. HUD has it's own real estate contract that must be filled out. They also have several addendums - lead base paint, owner - occupant certificate, etc. that must be attached. You will need to have a certified check or money order for $500 if the sales price is $50,000 or less, or $1000 if the sales price is over $50,0000. If you are not the high bidder, you will get the same check back. All bids must be submitted by the bid date. HUD opens the bids and announces the winner. HUD determines the winner by the "net amount" of the bid. For instances, you can ask that the seller, (HUD), pay some of your closing costs, but it will reduce your net amount. If someone else bids the same amount without asking for closing costs, they will get the house. GETTING A HUD LIST EMAILED
|
|
             
|
Go to this site to check the bid dates,
etc.
