If you are a buyer interested in purchasing a home from HUD and you live in one of the states serviced by HMBI (property management company responsible for HUD homes in the 10 states they represent), this brief tutorial will explain to you how the bidding process works.
If you are interested in seeing a HUD home you'll first need to find an agent that has the ability to show HUD homes as they require a special key for entry. It's also a good idea to verify whether or not their office is a HUD approved broker as this is required if you decide you'd like to place a bid on one of the properties. Once you find a home you are interested in and decide to place a bid the following should happen. To determine whether or not your bid was the winning bid you'll need to see who the Broker listed is and the purchase price. If they match your offer and broker, then you've likely won the bid. Your agent will also be notified at which time the rest of the purchase process will proceed. If your offer is accepted, your agent will then collect your earnest money check and walk through the packet that must be submitted to HUD within 48 hours of HUD's acceptance of your bid. HUD also requires that you close within 45 days of acceptance of your offer. Once your offer is accepted and the actual paperwork is submitted, you'll then work through the rest of the purchase process including obtaining your financing, homeowner's insurance, and inspections. HUD homes are sold AS IS; therefore, if you find major issues with the home during inspection, you have the right to cancel your contract. Please feel free to contact me with any questions you may have about the area or if you'd like me to send you the current active listings in the area. I look forward to hearing from you!
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