HUD canceling my bid

[Mary M.]

Two days ago I put in an offer on a REO owned by HUD. My agent went to check on status of offer yesterday and said HUD had canceled my offer with no explanation. Can someone shed some light on why this may have been the case? Here are the details:

Asking $75K
My Offer $50K cash, close in 5 days (contingent on inspection)
Est Cost Repairs: $35K
ARV around 160K

Also, when my agent submitted offer she had said the website said there was only 6 hours left to bid on the property, but she didn't know for sure. I'm not sure if my agent is just not on the ball or perhaps inexperienced with HUD, or is HUD just 'like this'. I feel she should be guiding me through this process. Am I wrong?

[Chris L.]

Mary,
I actually had an accepted offer by HUD that was canceled because I had the quick close option in the bid.
I was told that HUD closes in 45 days. Because our bid said that we would close in 15 days, they canceled our accepted agreement and put the property back on the market.
You might check and see if this is the issue in your case.
Good Luck
Chris