HUD Repos
All offers must be submitted by an approved Realtor, such as myself, before the bid opening date. To see any of these properties or for more information, call me at 266-0222.
HUD Listings Below Bid Results Bid Statistics
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Buying a HUD Home
When someone with a Federal Housing Administration (FHA) insured mortgage can't meet the payments, the lender forecloses on the home; FHA pays the lender what is owed; and then the United States Department of Housing and Urban Development (HUD) takes ownership of the home. Then HUD sells it at market value as quickly as possible. Michaelson, Connor & Boul, Inc. (MCB) is a Marketing and Management contractor for HUD 1 to 4 unit residential properties. MCB maintains and sells these properties in accordance with HUD guidelines. We know you may have several questions regarding the purchase of a HUD property. We want to provide you with as much information as possible to assist you with your purchase.
Any individual who can qualify for a mortgage or who can pay cash may purchase a HUD home. Purchasers must use a broker or agent who is registered with HUD to place a bid on a property. Purchasers must also have a pre-qualification letter from a lender or proof of cash funds in the amount of or greater than the property they are purchasing.
All HUD Homes are listed on our website at their "AS-IS" fair market value. Purchasers (with the exception of special program purchasers) must obtain the services of a HUD Registered Real Estate Agent. Agents may submit bids on HUD properties on behalf of their buyers. The bid that meets the acceptable threshold and has the highest net to HUD receives a provisional bid acceptance subject to receipt of all required documents. Once a bid is accepted an original Sales Contract Package must be submitted to MCB with 48 hours.
Fair Market Value is determined by a licensed FHA appraiser. Copies of the FHA appraisal are available to the lender by request after a property is under contract. If a property is exposed to the market without any acceptable offers then a reduction of the listed price may occur.
No. All HUD properties are sold in their "AS-IS" condition. There are no representations or warranties, expressed or implied, on any HUD property. HUD does not guarantee the condition of any property, FHA-insurable or not, nor whether it meets local codes or zoning requirements. Purchasers are advised that there may be code and/or zoning violations on these properties and that it is the responsibility of the purchaser to identify these violations. Buyers are very strongly encouraged to have homes inspected by a qualified home inspection company to satisfy themselves as to the condition of the property at the time of sale.
Owner Occupant and Investor purchasers MUST be accompanied by a broker or agent when viewing any HUD home listed for sale. Buyers may not enter a house without their broker/agent for any reason prior to closing. Brokers and/or agents must accompany any individual performing services such as home inspections, appraisals, or certifications. Brokers and agents may only use their keys for their own legitimate use. Keys are not permitted to be lent to any other individuals associated with any sales transactions.
No work is to be done to ANY HUD property prior to the close of the transaction. An accepted bid is NOT a transfer of ownership. Purchasers do not own the home until it is recorded in their name. Purchasers may not use the home for storage of personal items or occupy the premises under any circumstances. Occupying or working on a HUD home prior to the close will be treated as trespassing. Failure to abide by this policy can result in the cancellation of the sale transaction, forfeiture of the earnest money deposit and may also involve suspension of bidding privileges for the selling agent and brokerage firm.
Current Listings
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Bidding on HUD Properties
All HUD Homes that are available for sale are listed on our website and on the MLS. If a property has an accepted bid or is under contract it is removed from the web listings. Only HUD-registered real estate agents can place bids on behalf of their buyers. For a bid to be awarded it must meet the threshold for the property (lowest acceptable amount) and have the highest net to HUD (not purchase price). A sales package should be completed at the time of bid submission. Once a bid is accepted the purchaser and real estate agent have only 48 hours to submit the Sales Contract Package to MCB. If the sales package is not received within the deadline then the bid acceptance may be canceled. If there are no acceptable bids placed on a property then it remains on the market until an acceptable bid is received.
During the first 10 days a property is listed it is available for Owner Occupant Purchasers only. All bids placed by Owner Occupants that are submitted from Day 1 through Day 10 are opened on the 11th day and are considered as though they were received simultaneously. If there are no acceptable owner-occupant bids on day 11, then bidding becomes available to all purchasers on a daily basis.
Bids are reviewed for acceptability on the following business day after the deadline of bid submission. Our established time to post bid winners is no later then 4:00 pm Eastern time. It is possible that on the day you submit a bid, we have not yet completed our review of the bids submitted the day before; therefore, it may appear that the property is available and that you have submitted a higher bid.Please do not submit bids until after 4:00 pm EST by which time all bid winners have been posted for that day. All bids are accepted based on HUDs guidelines and followed with no exceptions.All bids submitted for Owner Occupants are displayed on BID STATISTICS which is updated every Friday for bids submitted the previous week. The bids submitted in the current week are not displayed until the following week due to Owner Occupant bid submission deadlines.
Bids submitted for an investor are displayed on BID STATISTICS which is updated every Friday.
The Results from the bid review process will be posted on our Web Site by 4:00 PM EST.It is the responsibility of the Agent to check the BID RESULTS page on our web site for the accepted bid information and ensure that all the required forms are properly filled out and sent to us by overnight mail. These forms are to reach us within 48 hours from the time of the provisional offer. As a courtesy we also notify the Agent by e-mail and fax using the information entered during the bid submission. Please note that incomplete information will not enable us to notify you. DO NOT WAIT FOR OUR E-MAIL OR FAX TO SEND IN YOUR COMPLETED FORMS
If a bid has been placed on a property with incorrect information or by mistake it is very important that a "Cancellation Request Prior to Acceptance" is submitted to avoid award of the incorrect bid. This can be completed by your real estate agent and the form is available online.
In the event that a purchaser is awarded a bid but does not want to proceed with the sales contract package on the property then a "Cancellation Request After Bid Acceptance" must be submitted immediately. The property will then be canceled and re-listed the Friday following the completion of the cancellation processing.
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