Posted by Dave T on May 21, 1999 at 01:46:06:
I am told that the HUD format for the pre-qual letter must be used and the letter must be signed by an underwriter – not a loan officer.
Online Bidding for HUD Houses - Posted by Trevor
Posted by Trevor on May 19, 1999 at 19:58:32:
I ran across a website that lists HUD homes for sale and are being sold by bidding online. I don’t know much about this but feel there may be a lot of opportunity here without much of the hassle. Has anyone ever bought homes this way?
Trevor
Re: Online Bidding for HUD Houses - Posted by Hugh James
Posted by Hugh James on May 21, 1999 at 09:11:00:
Don’t know what WEB site you’re at, but we’ve been doing electronic WEB based bidding here in Chicago for over a year. WEB bidding is ONLY open to HUD approved real estate brokers, and all bids must be submitted on your behalf by an approved, licensed broker. HUD Chicago shut down the 19th of March and is in the process (as is the rest of the HUD offices around the country) to a conversion to what HUD calls “M & M’s.” (Isn’t that cute?) M & M is Management & Marketing company and the one we have is Intown Management. They’re headquartered in Norcross, GA and have the contract for 27 states. Maybe they know Andrew Cuomo’s father too. It’s going to be interesting to see how this all works out. Personally I don’t have high hopes, although HUD itself always seemed to leave a lot to be desired in the management and marketing end anyway. Hope this helps.
Re: Online Bidding for HUD Houses - Posted by John Paul Jones
Posted by John Paul Jones on May 19, 1999 at 20:26:15:
Sorry Trevor That’s the Hud online network for Real Estate Agents. That is the way us Real Estate Agents must put bids in now adays. If you want to check out both VA and HUD in Virginia check out govhome4u.com and password is jjones.
Re: Online Bidding for HUD Houses - Posted by CarolFL
Posted by CarolFL on May 23, 1999 at 09:43:40:
We are back up and running in FL and so far I’m unimpressed. Keep us posted on how it looks in your neck of the woods when they get back into it.
We have had online bidding here for less than a year. I hate it. Like playing poker with the cards face up!
Carol
Re: Online Bidding for HUD Houses - Posted by SCook85
Posted by SCook85 on May 19, 1999 at 22:19:08:
Actually Trevor is right. I was just told yesterday by a realtor that I can start making all of my bids online for Hud homes. Once your offer is accepted you can submit a contract. I haven’t tried it yet, but will in the next week or so. They say that it is new here in Maryland.
SCook85
Re: Online Bidding for HUD Houses - Posted by Trevor
Posted by Trevor on May 19, 1999 at 22:17:32:
Wouldn’t be pretty easy to for my Real Estate Agent to due all the bidding at my instruction? Do you think that this is too competitive to really find good deals?
Thank you John for your time.
Trevor
Re: Online Bidding for HUD Houses - Posted by CarolFL
Posted by CarolFL on May 20, 1999 at 17:25:43:
On or Off-line, you need to know your market and your property to know if it’s a deal or not.
Southeast Alliance has finally gotten going down here with their new format.
This needs to be fedexed within 24 hrs of acceptance of your bid.
If it is the same there as here you must have a $500 deposit for properties under 50K and $1000 over 50k which, if your bid wins, is non-refundable. Also, here, your broker needs to submit a pre-qual letter unless it is a cash deal, and if it’s a cash deal, there is no “out” in case you can’t get financing!
Bottom line is, you and your broker need to know what you are doing.
Good luck! Most of our properties have come out ridiculously high, by the way.
Carol