BestOfBid.com
RE: HUD Bidding process?
I placed a bid on a hud home through a broker and noticed that there is other bids on this house, I found this info on hmb inc. web site and my bid is not listed with the other bids. none of the bids have been accepted yet and it's been along time since the last bid was submitted. the highest bid is really close to the asking price, since it has been reduced. The bid I put in is way lower then the other bids, but I don't understand the process hud uses. The Priority Date ended over a month ago and the last list date was 2 weeks ago with no offer accepted. My bid was placed 4 day's ago.
Public Comments
- Hi Jason, Buying a hud home can be a tricky ordeal. Hud usually ends up with some really crappy houses. Hud aquires houses that other banks will not touch, they are bought on the secondary market (only banks can buy and sell here). The bidding process is very simple you make an offer through the law firm that is handling the houses for hud, if the bid is placed in a timely fashion you SHOULD get an answer the next day. If the law firm or broker that is handling the properties is very busy it may take several days. Hud will always take the highest bid. If you think its been long enough get your agent to start calling.
- Do you know if your bid was submitted online or did your agent mail it? HUD's process for determining a successful bid is they will chose whichever bid yields the highest return to HUD. (Net Price = Sales Price less any consessions) Owner Occupant bids also get a priority over non-owner occupied bids.
