We lost a HUD bid a few months ago. And not by a little bit either, as the winning bid was about $10,000 higher than ours on a $100,000 house.
We were in second place, and indicated that we would accept a backup position. As time passed, our clients purchased another property and we have already closed and they are satisfied with their purchase.
Today I was notified that the house is back on the market.
I can't help but wonder why it took three months for the original HUD purchase and sale to fall apart. In most cases with a HUD home, title is cleared before the home is placed on the market so I have to assume the issued was on the buyer's side of the deal. If there was a financing issue, wouldn't that be discovered in less time than three months?
I hate the fact that my client lost a great opportunity because someone else did not have his or her act together. And I can't help but wonder if the extra $10K bid had anything to do with either qualifying for the loan or contributed to buyer's remorse.
Hopefully, we'll find another buyer for the property. In the meantime, we'll just keep pressing on!