We found a house that we would like to look at but our schedules do not allow us to see the house until next weekend- 4/28 but the bid deadline is 4/22. Is there a way around this bid deadline? How do they work?
2007-04-16 13:24:36 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Sunday night at 11:59 your bid has to be entered on the Internet - or you don't get the house. (if it's worth buying at the price range it's at) Monday by about noon the bids will be posted.
As an investor, you can enter your bid during this time. It will only be considered if no owner occupant bids enough to be considered.
There is no "option period" though, don't bid unless you want the house.
What state are you in?
Make sure you have a Realtor that represents YOU. The listing brokers are not allowed to - they are required by their contract with HUD to do the best they can for HUD.
2007-04-16 15:19:59 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
There is no way around the deadline. The only thing you can hope for is that if there are any offers submitted on or before that deadline, that none of them will be acceptable to HUD. If no offers are accepted, then the home will remain on the market and be open for bidding once again.
One thing to keep in mind is that the first bidding period that HUD has is for 'owner occupants' only. That means you must occupy the home after you buy it. If you are an investor, you can not bid on it the first go round. You must simply hope that no offers (or no good offers) get submitted and hope that it stays on the market, because after that first bidding period, it's open to investors and owner occupants-everyone.
2007-04-16 20:55:42 · answer #2 · answered by pinkluxe 3 · 0⤊ 0⤋
You have to bid by that deadline! After the deadline they will look at the highest bidder. If the high bidder and other bidders are not able to buy the home due to credit scores etc., there is a possibility that they will reschedule the home. Good luck!
2007-04-16 20:29:56 · answer #3 · answered by naturalphase 3 · 2⤊ 0⤋
duh,, 4/22 means 4/22
u could just bid without seeing the place,,
u could wait for another to come along and be thankful you didn't buy this pile of ****
2007-04-16 20:28:16 · answer #4 · answered by Jo Blo 6 · 0⤊ 1⤋
You should move to Eden.
2007-04-16 22:49:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋