Making an offer on my first HUD home, advice needed

[Jeremy Jackson]

I've read for the past hour regarding this and learned a wealth of info.  

I will be offering the asking price.  Owner occupant bidding ends at 1159pm ct on 6/6.

My buyers agent is not real experienced (although her father is, she works for her father).  So do I have a better chance of having this offer accepted if we submit at 1201am ct on 6/7?  I read a lot of discussion on the timing of these deals.  What else do I need to know going in?

Anything else to consider as the property is a great distance away from me, although I have family close to the property to handle anything I may need?

Thanks in advance!

[Greg H.]

Originally posted by @Jeremy Jackson:

I've read for the past hour regarding this and learned a wealth of info.  

I will be offering the asking price.  Owner occupant bidding ends at 1159pm ct on 6/6.

My buyers agent is not real experienced (although her father is, she works for her father).  So do I have a better chance of having this offer accepted if we submit at 1201am ct on 6/7?  I read a lot of discussion on the timing of these deals.  What else do I need to know going in?

Anything else to consider as the property is a great distance away from me, although I have family close to the property to handle anything I may need?

Thanks in advance!

I am assuming that you are bidding as an investor ?  Some here have indicated that they bid at 12:01 and had their bid reviewed the same day but I have not experience any benefit. 

Keep in mind that the highest net to HUD wins so try to make your net as attractive as possible keeping in mind that the numbers need to work. If the property is in Texas, there are 3 different Asset Managers that handle HUD homes. There are a few different nuances between them but no major differences

Are you and your agent in the same town ?  If not it makes it a little more difficult to get the contract in within 48 hours but it is doable.  If you are doing an inspection keep in mind that you pay all the costs to get the utilities and possibly the cost to de-winterize and re-winterize and will not get your earnest money back based on the inspection

Feel free to contact me if you have any questions.  Good Luck !

Feel free to contact me if you have any questions