Closing on HUD Property

[Terri D.]

I'm scheduled to close on my first HUD property this week, and I have a potential buyer for my property. I'm wondering the following:

1) Can my end buyer funds be used to close on A&B part also;
2) Since HUD property can not be assigned, and double closing is necessary is there a time period before re-sell to end buyer.
3) The electric is off at property, so is it necessary to have electric turned on for end buyer to have their inspection, or should I stipulate that property is sold as is and property electric will not be turned on for this inspection, but only when the property is sold to buyer (end buyer made offer before inspection of property)
4) Any feedback would be helpful. I'm just trying to get this to the closing table and put behind me. Thanks

[John A.]

@Rich Henry, III- HUD gives you two business days after you get your bid accepted to send in all documents, earnest fee, proof of funds, etc... What I usually did when I got a bid accepted was to place my bids on Wednesday and Thursday nights, so they can be accepted on Thursday and Friday Morning (all HUD bidding is systematic, meaning your bids will go through a machine until your bid reach the limit HUD wants then the asset managers see your bid and decide if they want to sell you the property, that is why that give you counter offers the next morning if your bid is not high enough, I called about this and heard from others as well). Be careful accepting offers and not closing on the deals, I got blacklisted because of this. I got two offers accepted and failed to find a buyer for both and HUD blacklisted my LLC because of it so now I use my full name for offers instead, not cool. What I do now is put bids in like I stated earlier Wednesday and Thursday so they can be accepted so I can the extra two days on the weekend to show my cash buyer and if the buyer doesn't want it cancel my bid before going under contract, no more stress! Been closing deals ever since! Best of luck