All Forum Posts by: Clay Daughtry

Parker, on a HUD Property, you must send in a lender prequalification letter or a proof of funds letter with the contract within 2 business days after you are awarded the bid. HUd will throw your contract out if you do not have these.

FYI, for anyone, Just got a bid accepted on an Ofori Property and just got off the phone with Listing Agent. You send the check made out to the Listing agency and the contract to the Listing broker . The Listing Broker then sends it to Ofori. Must be done within two business days. Unlike Pemco where the check is made out to the closing agent, and you send check to Listing agent and you send the contract and a copy of the check to asset manager Pemco. Will let you know on Hometelos when my next bid is accepted by Hometelos.

Thanks Edward. I'm also an agent and needed to know about where to send earnest money.

Edward, Did my first one using this last week. Oct 1 ws start date in alabama. Asset manager sent me email saying I had to send in documents with closing agent signature tax ID, Hud ID etc. This was the same closing agent we had been using before. Then when I sent in all paper work from closing agent, they lost it and had to resend it. Do you know anything about Ofori and whom Earnest money check goes to? Thanks Clay

Is anyone using this in your area? We just started this in Alabama last week. Had little training on this but not enough. Do you still send to closing agent to get signed before you send in the contract every time or just on the initial contact? Also for Ofori to whom do you send the check to? i know for Pemco and Hometelos you send to listing agent and copy of check to Asset manager. Have been told that Ofori is different. Thanks Clay

Brian, just got a email like you did the other day. I had had placed a bid on a property for an investor client. Got a email back that price had been reduced and asked me to rebid on the property. I have been doing HUD Homes for just over two years, I have never seen this happen.

Does anybody know what percent Fannie Mae reduces the price of homes when the reduce the price? Also how long is a house on the market before they reduce the price?

Mike, alot of times they accept an owner occupant bid on the last day if it is a good one. Sometimes they take a property off the website when it goes from exclusive to extended. I have also seen then take it off the website and reduce the price and put in back on the website a day or two later. Keep looking. Clay

Danielle, you could buy a second house. buying it as an investor. But you must stay in the house you bought as a owner occupant for one year like Mark said. Clay

Mark, you are exactly right on the HUD timelines. I'm a realtor that sells alot of Hud Homes. Another piece of information for all is that the longer a HUD home is on the market, HUD will start to lower the price after about 45 days. This is when they will start accepting bids less than their list price. The key is to watch these properties, that you may be interested in and see if they start to drop the price. Clay