Financing in 49651>Question Details

Thomas   Cha…, Home Buyer in Lake City, MI

If you bid on and win a hud home how soon do you have to have the cash?

Asked by Thomas Champagne, Lake City, MI Sun Nov 4, 2012

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Hi Tom,

Your Realtor is going to have to provide HUD with proof of funds when they submit your documentation. Once you win a bid on a HUD property your have 48 hours to get the original signed documentation to HUD representative.

If you need the assistance of an agent experienced with HUD properties I would be happy to help.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Sun Nov 4, 2012

Also, to elaborate on what Pamela said. You are supposed to have the funds to purchase the property BEFORE you bid on it. The Realtor who is registered to bid on a HUD home for you is supposed to collect a $500 (property under $50,000) or $1,000.00 (property over $50,000) Cashier's Check when you place the bid, and they are supposed to verify that you have the funds with some kind of documentation, such as a Bank Statement, IRA or Sock account.

Let me know if you need help on bidding on a HUD home, I am registered and fully understand the process of a purchasing a HUD property.

My contact information is below.

Thank you,

Elias Realty
(248) 379-6547
0 votes Thank Flag Link Sun Nov 4, 2012
If you are bidding on a HUD house do it with a Realtor. It is not going to cost you any more but you need to have a Realtor place the bid. You will need the funds the day of closing as will be stated in the agreed upon purchase agreement. HUD will look for the highest and best offer.

Good luck
0 votes Thank Flag Link Sun Nov 4, 2012
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