Home Buying in Fort Worth>Question Details

Smh, Home Buyer in Fort Worth, TX

I bid on a hud home that was listed for 85,150, and i offer 80,000 and won the bid, ask for closing cost which was on 3%. do i still get the 100?

Asked by Smh, Fort Worth, TX Sat Apr 10, 2010

downpayment. if not what would i have to come to the table with at closing. and how long does it take for hud to send back the contact.

Help the community by answering this question:

Answers

6
Also, you will have to pay the difference between the sales price and appraised value (which is the 85,150) in addition to any closing costs and down payment at closing.

Whitney Peddy
Owner-de Luxe Homes & Estates
(817) 808-9189
whitneypeddy@yahoo.com
0 votes Thank Flag Link Sun Apr 11, 2010
To qualify for the $100 downpayment, your contract should have been for the full price so $85,150. They could still pay up to 3% of your closings costs. You must also be an ower occupant.

It should also have been included in your orginal offer under parageph 4 of the contract. Did your agent do so?

Once you turn in the package to HUD, it usually takes about 7 business days to get the full contract back.

Congrats on winning the big.

Naima
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Sat Apr 10, 2010
HUD homes have cut off dates, however difficult to render an opinion not reading all the disclaimers.

HUD if there is "bid " has a cut off date and time has an automatic response within 48 hours

Confer with your buyers agent for all steps required

Closing costs are from your loan officer est. approx up to $5,000

$100 down payment determines on lender restrictions, "fine print" and etc.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Apr 10, 2010
As the others have already stated, your agent can best answer your questions based on all recorded documentation--
0 votes Thank Flag Link Sat Apr 10, 2010
You will need to look back at your offer.
It is listed there.
Your realtor can probably help you determine this.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Sat Apr 10, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
SMH,

Your Realtor will have all of your answers. She/he can figure out all of your closing costs with assistance from your lender. Good luck!!

Jackie
0 votes Thank Flag Link Sat Apr 10, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer