Making An Offer On A HUD Home | ||
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Welcome to buying a HUD home.
This is a brief overview of the HUD buying process. There are a few things you need to know up front about buying a HUD home, since the procedures may be different than those used in buying other types of homes. HUD however, has made the procedure as efficient and convenient as possible. Here are some things you should know:
Offers must be made through a HUD registered broker
HUD Homes are sold through Participating Real Estate Agents. If you want to make an offer on a HUD home, you must bid through a HUD-registered broker.
How to find a HUD home
These brokers will have a list of HUD homes from the MLS, which contains detailed information on the home. You can also look at available listings for your area here on this site under Property Listings, and then check with your broker for more information about the house. You may also see a HUD or BLB Resources sign on a home; these are placed on homes after the initial inspection and mean that the home is being readied for sale. To find out if the home is actually for sale, consult the MLS or the Internet listings.
Offers must be submitted through an electronic bidding process
All offers must be submitted by your broker through an electronic bidding process. The electronic bids are stored in the computer system and, at the appropriate time, calculations are automatically performed to determine the apparent highest net offer to HUD. The apparent highest bid is acknowledged by BLB Resources to your broker, who is notified to send in a correct, signed sales contract within 48 hours. If the contract is not received within 48 hours or is incorrect, the home will be returned to the market or acknowledged to the next highest bidder. All acknowledged bids are subject to cancellation for prior sale, electronic error, and other conditions (see Disclaimers). An acknowledged bid does not constitute a sale; only a correct contract that is counter signed by BLB Resources and returned to your agent allows you to proceed to closing.
Initial Listing Period
New listings are available daily Monday thru Saturday. During the Initial listing period, bids may be submitted by Owner Occupants only during the first 30 calendar days.
Owner Occupant Priority Period.
All Owner-Occupant offers received during this 30 day Exclusive Listing, shall be considered to have been received simultaneously. In order to be valid for the period, bids must be completed and confirmed on the Internet. Owner-Occupant bids will be opened and reviewed and the highest acceptable net bid to HUD will be selected.
General Public Bid Period.
At the conclusion of the 30-day Exclusive Listing Priority Period, all general public bids will be accepted. These bids will be reviewed and the highest acceptable net bid to HUD will be selected. In the event the property remains unsold after these bid openings, bids received by 11:59 p.m CST will be reviewed daily.
Bids received on the same day shall be considered to have been received simultaneously.
Friday, Saturday and Sunday bids will be reviewed simultaneously on Mondays at 1:00 p.m., and the highest acceptable net bid to HUD will be selected.
In the event the property remains unsold, the bids (Owner-Occupant and General Public) will be reviewed daily and the highest acceptable net to HUD bid shall be selected. This listing will remain in effect until the listing has been sold or withdrawn from the market to be reanalyzed. Bids must be completed and confirmed on the Internet before 11:59 p.m. CST in order to be valid for that day and will be opened the next day excluding Friday, Saturday and Sunday which will be opened on Monday.
Contract must be submitted within 48 hours
If your bid is acknowledged, your broker must submit a correct HUD Sales Contract, along with other required forms and Addendums signed by you, to the BLB Resources office within 48 hours. You may be required to submit proof of financing commitment or cash to close, along with other items. You should be working with your broker to put the required items in place before you bid on a home, so that you are ready when the time comes.
Call Terry at 517-5960, Cyndy at 729-8381 or email to schedule a showing or request additional information.
