Re-Bidding on HUD Homes

[Brandon Johnson]

Hi Everyone, 

I had my agent place a bid on a HUD home on Thursday June 29th and the exclusive bidding period for the home closed the very same night. The next day the listing was gone from the website and I didn't hear anything until Wednesday the 5th when my agent told me that the seller had accepted another offer. Well yesterday the home was relisted for owner occupants with a bidding period set to expire at midnight tonight.

Do I need to place another offer to be considered, or will my last offer be kept and considered once the bidding period closes? I've texted my agent and left him a voice mail about it, but he hasn't gotten back to me yet. Please send your HUD wisdom!

[Greg H.]

You absolutely need to submit another bid. While there is an Porto hold as a backup, those are not considered with a non daily bid .

You agent would know by checking his hudhomestore account the status of the last bid.  More than likely it was OBS(Other bid selected) and subsequently the contract was not turned in by the deadline 

During the Owner Occupant period , the minimum that will be accepted is 88% net to HUD which includes commissions and any closing costs requested if any