Winning Bid On A HUD Foreclosure Home in Springfield Missouri

By
Real Estate Agent with RE/MAX Broker, RE/MAX 1999033519

Winning Bid On A Foreclosure Home In Springfield Missouri

Recently, HUD changed their way of selling their inventory of foreclosures.  I knew the procedure on the old system, so last week was not the usual writing of an offer and submitting it to the listing agent, who then submits it to HUD for approval.

499 Rockridge Road, Sparta Mo

Now, through HUDHomestore.com, agents submit their offer and wait within a designated to to see if the offer is accepted or denied.  What they can't see is if there are any other offers bidding against their offer.  If the offer comes in too low, it is automatically rejected and they submit their counteroffer.  The agent then resubmits their offer with the buyer's consent.

It's ironic that the first home I work on in the new system turns out to be the first home my hubby built in Missouri back in 1977.  The home has changed hands several times since he sold it in 1994.  Currently listed at $80,000, the price has dropped 20% since 1994.

Now, our job is to get it closed!

Comments (10)

Christopher Taylor
Corpus Christi, TX

Just went to a HUD class last month outlining the new procedures.  Thanks for the post.

Jan 10, 2011 02:34 PM
Nina Rogoff
RE/MAX Executive Realty - Medfield, MA
Sells Real Estate!

That is some coincidence, Kay. Do you think the new system will speed things up?

Jan 10, 2011 02:35 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Congrats on your winning bid Kay. I hope there are many more sales ahead!

Jan 10, 2011 02:44 PM
Keith Vermilyea
Boise Homes Realty brokered by Found It LLC - Boise, ID

I sold several HUD homes last year under the old online bidding process but apparently the process changed so I guess I will be learning all over again! 

Jan 10, 2011 02:45 PM
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Kay, how ironic??  I hope it all goes well till the closing, smooth sales, my friend!

Jan 10, 2011 03:48 PM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Christopher, you are welcome.  There has been a lot of changes.

Jan 11, 2011 11:46 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Nina, hopefully the system has been updated enough to close on time.

Jan 11, 2011 11:47 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Bill, thank you.  I'm looking forward to a great year.

Jan 11, 2011 11:47 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Keith, look the contract over carefully.  There are a lot of changes.

Jan 11, 2011 11:48 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Rita, it is a strange coincidence.  It was in better shape when we sold it.

Jan 11, 2011 11:50 AM