This is a question that I am often asked. And the answer really depends on a lot of factors, as there are many people involved in the process.
For the purpose of this article, let’s talk about a HUD home that has just been listed, and that the purchaser is an owner occupant.
No bids are opened for the first 10 days that the property is listed. So if you make a bid on the first day of the listing period, you will have to wait at least 10 days for an acceptance.
In some cases, it it taking an additional 2-5 days for the winning bidder to be notified. Once notified, the selling agent then has only 2 days to get the contract delivered to the HUD asset manager.
Then it takes an additional 7-14 days to get a fully executed contract. From that point, a buyer obtaining a loan has 45 days to close and a buyer paying cash has only 20.
So the final answer is, it can take anywhere from as few as 30 for a cash buyer a fast turnaround times days to as many as 75 days for a buyer getting a loan and slow responses from all those involved in the process.
An experienced HUD selling agent can help guide you during the entire process and help you with the exact timelines in your transaction.
To locate HUD homes for sale in your area visit HUDHomestore.com.