Question Details

Agresh1, Home Buyer in Phoenix, AZ

odds for winning bid when purchasing a hud home home at asking price

Asked by Agresh1, Phoenix, AZ Tue Apr 6, 2010

im trying to purchase a hud home with the 100 down program and im offering what there asking ($92000) what are my chances of winning this? the home is in the west valley, 115ave and camelback area

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Answers

2
Not only does it depend greatly on the interest, number of offers competing, but also the type of payment method you are offering and the number of contingencies in your contract. Typically lower cash offers will beat out higher finance offers and/or offers with more contingencies.

If you are working with an agent that is experienced in HUD purchases they should be able to help you structure your deal in a favorable way. If your agent is not experienced in this type of purchase, it is advisable to find one that is. A lot of time and money can be spent/wasted on this endeavor if you do not take the right steps.

Best of luck!
-Dreamtown.com
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Wed Apr 7, 2010
It's hard to say....this is a popular program, especially if the home is in a desirable location and in decent condition. Your chance of obtaining this property are directly connected to the interest level in the property. Obviously, the greater the interest, the more competition this presents, and the more difficult it becomes to be successful.

Our recommendation is to be certain you have completed and submitted all of the necessary paperwork and meet deadlines as presented. Your odds of winning are always greated when you are in the game.

Good luck


Bill
0 votes Thank Flag Link Wed Apr 7, 2010
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