Originally posted by Brett O:
Originally posted by Jon Holdman:
If you bid on a HUD and your bid is accepted, your earnest money is committed. At least here, and I think its that way everywhere. Do your inspections before making the bid. Doesn't matter what you find after your bid is accepted, you're not getting the earnest money back.
I didn't know that, I was under the impression that after I put down my earnest money I had a chance to have the property inspected, and if there was for example a bad HVAC system, I could get my earnest money back.
Also, does anyone have an opinion on the converted garage? Do you think it adds or detracts anything from the property?
Here in Texas you submit your offer on the standard offer form which gives you the inspection window where you can get you option money back. After that HUD then has a bunch of their own forms that they make you use.
Congratulations on just doing it. So many people that I know are always talking about puting in offers but never do. You have to stats somewhere.
As for the garage conversion I have done a few. You di get to advertise it as another bedroom. If you decide to put a bath out there make sure you talk to a plumer before as it can get tricky with the drains.
Chris
