chattanooga hud homes: Going, going, gone! HUD Bid Periods
- 11/22/10 04:53 AM
A while back I wrote several posts about the HUD home buying process. HUD did an overhaul of the way they do business and some of those points are no longer valid. Most of the changes aren't anything that the typical buyer would even notice but some things are a good bit different. Bid periods are one of those. New HUD listings used to be posted on Tuesday & Friday, now they can be listed any day of the week (big deal, right?). The biggest change is the period which is open to owner occupants only. HUD is firmly committed … (1 comments)
chattanooga hud homes: Offering over the asking price? A cautionary tale for HUD buyers
- 07/02/10 06:10 AM
HUD homes are often a great value. When you add in the incredible financing available, well, you can imagine that they might move like the proverbial flour based breakfast food. When you see a great deal in the 'real world' (i.e. the one where you can't get $100 down payments any more) one strategy is to offer over the asking price. SLOW DOWN THERE, PARDNER! If you offer over the appraised value (which, not coincidentally, is also the initial asking price), and you are planning on using that great FHA financing, you're going to have to come up with the additional … (4 comments)
chattanooga hud homes: Going, going, gone!
- 07/01/10 09:01 AM
Bid periods are yet another point of confusion in the ongoing quest to buy a HUD home in Chattanooga. New HUD listings are posted on Tuesday's & Friday's each week with a 10 day bid period. During the bid period offers are submitted online by authorized HUD agents and can be from either owner occupants or investors. At the end of the bid period, all owner occupant (OO) offers are considered first. If there are one or more acceptable offers from OO's, the highest of these will be accepted. If there is NO acceptable offer from an OO, investor bids will … (1 comments)
chattanooga hud homes: Keys Please
- 06/30/10 02:42 AM
One of the stranger things about buying a HUD house is that you don't actually get any keys to your new abode. When HUD takes over a property, they come in and have the locks changed. The key that fits your new HUD home, also fits every other HUD home in the area (in the country?). So believe me, you don't want to leave your locks keyed that way. After your closing, I'll go with you to your new castle and unlock the door for you. From there, it's up to you to either have a locksmith come out and rekey … (4 comments)
A while back I wrote several posts about the HUD home buying process. HUD did an overhaul of the way they do business and some of those points are no longer valid. Most of the changes aren't anything that the typical buyer would even notice but some things are a good bit different. Bid periods are one of those. 
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