How to bid on a Homepath or HUD home

[Kimberly Green]

Hi I need some advice on how to bid on a HomePath or HUD home.

I read that I would need to use a HUD-registered selling broker in order to bid on homes listed the hudhomestore.com site. Does this mean that I don't need a buyer's agent or does this mean that the selling broker is functioning as the seller's agent and I should still contact a buyer's agent?

Also, I didn't see any similar requirements on the Homepath.com site.  Does that mean that I can bid directly on homepath homes myself?  Also, if I plan to flip the home, do I still need to take the Homepath Ready Buyer course?

Thanks (DC, Maryland, VA)

[Greg H.]

I would urge someone to work with a HUD approved agent to place bids as opposed to have an agent refer you to the listing agent. The timeline and paperwork involved just requires more attention to detail

An investor can add in 3% for closing costs on a HUD property. Keep in mind that the only number important to HUD in the net bid

The FNMA requirement is 90 days and not 6 months