Home Buying in Alabama>Question Details

Misti, Home Buyer in Alabama

after you bid on a home how long did it take to find out if you won the bid?

Asked by Misti, Alabama Sat Oct 11, 2008

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Hello Misti,
It depends on who you made the bid to....
IF it is an FHA foreclosure or HUD house, you should get the info back on Monday about lunch time...Your realtor will have to check the website.
If it is a bank owned foreclosure -- it can take 3 or 4 days...they don't get in a hurry.
If it is an individual seller....it can be a matter of hours, days....or longer. I've had some deals that took forever. Your Realtor should have put in an expiration date and time. If not, the seller can take as long as they would like to get back to you.
Good luck and let me know if you need anything else...
1 vote Thank Flag Link Sat Oct 11, 2008

By your using the word 'Bid', I am thinking you may have put a bid on a HUD foreclosure. LePage is correct in telling you that they will put up whoever won the bid the following Monday (10 days after original listing or price reduction) on the website.

I hate to be argumentative or disagree, but I have to stand up for HUD on this. True, HUD is totally different in everything they do and they have to have thier 'blue ink' and 48 hour overnighted contract, BUT they are not awful to deal with. Usually any issues that I had with them were cleared up with a simple phone call.

Misti, hey have their system and you have to abide by their rules, but do not let some systems and extra paperwork discourage you from buying the home you love. The last HUD foreclosure I sold closed within 30 days. Also, if you have a buyers agent (free to you because HUD pays them), you wont have to worry about getting paperwork back. Let someone else do all the work! :)

Hope this helps!
0 votes Thank Flag Link Mon Jun 8, 2009
Don't forget about HUD worlds worst if you ask me, (took 6 months to close on a HUD Foreclosure I referred out yes there was lender issue but HUD was the problem massive RED TAPE) and the government seems to think they have the answers for the housing market. If they ever nationalize Freddie or fannie trust the fact that we are all going to see worse days ahead. Remember they go for the lowest bids on service providers. Sorry needed to vent just the Rep. in me. Thank GOD we still have free speech.

Doesn't change the fact that I still encouraged my broker to get a HUD key

Even though they are a beast if that’s what my client what’s then that’s what they get. Besides you can get a great deal on HUD HOMES just be ready to wait 60days-6 months for a closing.

Barry (Lynn) Miller Jr.
RE/MAX Properties Unlimited
“Your Complete Real Estate Professional”
0 votes Thank Flag Link Sun Apr 26, 2009
She is right on it!

Jeff Jones
Smart Agent.Smarter Clients!
Web Reference: http://jeffjonesteam.com
0 votes Thank Flag Link Sun Apr 26, 2009
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