How To Buy HUD Homes
Tommy explains what a HUD property is, and the process of bidding and acquiring an investment property from HUD.
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Comments (2)
Yes, bid position is something I didn't really cover, but you're right. One of the options on the new HUD site's bid submission form lets you indicate if you want your offer held as a backup offer, which lets your offer stick around if something falls through on the initial winning bid.
Tommy Desmond, about 11 years ago
Tommy, Great video! It has been 10 years since I purchased a HUD repo. You touched a lot of details I had forgotten. I offered as an investor and my bid, although cash, was held in second position behind a family making an offer $35 dollars higher (net to HUD) than mine. The family eventually fell out of position and one or two months later HUD called me (10 years ago before using Realtors was required) asking if I was still interested. YES, YES, YES! If second position is offered in the beginning... Take it, you don't have to act on the position, just wait. If your situation has changed you can say 'No thanks' and they will roll it to the third position bid. They only allow positions if the offers fall above their 'Net to HUD' line. Thanks Tommy, very helpful video.
Lisa Miller, about 11 years ago