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I am thinking about bidding on a HUD home. What is involved in this process?

Specifically How long does it take to get a response back from a bid? How long does it take to get a closing date? What HUD specific paperwork is required?

Public Comments

1. is this an open auction? if so, the bids are taken that day and the highest one wins is this a HUD listing? there should be a closing date on the notice and when that has closed, the highest one(who qualifies) will win, and the process of checking qualifications of the bidder might take several weeks you will probably be furnished the required documents
2. The first thing that you should do is get pre-approved from a mortgage banker or broker that does FHA mortgage loans. This mortgage banker or broker will give you a list of items he/she will need to get you pre-approved. This might take a week or so, but keep in constant contact with your mortgage consultant. After getting your pre-approval for your mortgage loan you should then locate a real estate agent that has been HUD approved to write HUD bids for HUD properties. These real estate agents are found in your local telephone books. You might be able to get a referral from your mortgage consultant, a family member or a friend. This is the best way is to have one referred to you. Not all real estate agents are HUD approved so make sure your real estate agent is HUD approved. The bid should not take long as the bid is not an open bid, therefore your bid will be submitted directly to the local HUD office for approval. Once your bid has been approved your lender will then complete your pre-approval which include getting an appraisal for the property. There are several factors that go in to the time. How well you get the information to the mortgage banker or broker that is doing your pre-approval, the real estate person you select and how soon they get your bid to the HUD office for approval, followed by the appraiser that will do the appraisal on your house. You are depending on several people of which you have no control, as well as their schedule and priorities to include their compentency. I hope this has been of some benefit to you, good luck. "FIGHT ON"
3. You need to get HUD approved agent to handle the bid for you. You will hear back within 24 hours of the closed date for the listing. It is like any other closing, about 30 days.