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.
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.