Here are a few of the basics when buying a HUD property…
• HUD properties are government owned foreclosures. They are technically NOT “lender owned” but they are usually marked that way in the MLS.
• HUD properties are now listed like any other full service listing by several local brokers and agents.
• Properties are listed on the local MLS as well as on HUD’s website (www.hudhomestore.com). There you will find property information, limited inspection results, who can bid, and bidding deadlines.
• All offers (bids) are submitted through HUD’s website. You must be a registered agent, under a registered broker to submit a bid.
• HUD accepts (acknowledges) the bid that nets the highest amount to HUD that is equal to or higher than their minimum acceptable amount. The agent who submitted the highest bid is notified by e-mail.
• Winning bidders must submit a paper contract with proper earnest money within 2 business days after receiving the e-mail.
• HUD will e-mail back the signed contract to the agent submitting the bid and to the closing company selected by the buyer.
• In the same e-mail will be a link to activate utilities for any inspections the buyer wishes to do.
• Cash buyers must close within 30 days of HUD signing the contract. Financed buyers must close within 45 days.
• HUD must be notified 3 business days prior to closing to approve the settlement statement.
I have the experience to help guide you through buying a foreclosure property. If you have any questions or if you would like to receive a free list of foreclosure properties please text or call me at (918)313-0408 or you can email me at email@example.com anytime.