Home Buying in Detroit>Question Details

Dunbar, Home Buyer in Detroit, MI

Who makes the decision of whether to accept a bid on a HUD home?

Asked by Dunbar, Detroit, MI Tue Jul 1, 2008

(I'd be an owner/occupant)... and where does the money go - to the government, or the last company to buy it?

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Answers

6
Dunbar, The home is available on the MCBREO website http://hud2.towerauction.net/cgi-bin/e7_select_property.cgi?…

Owner/occupants (non investors) are able to bid now. The website should indicate the highest bid.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Wed Jul 2, 2008
Thanks Liz and others, it just seems strange to me that an investor would buy the property for $92,599 a year ago and put it up for $69,000 now... unless they have to go by a gov't framework or something? And I thought the money from HUD homes went to the FHA loans account pool?
I put in a lowball bid yesterday, just wondering how far the priority to owner/occupants goes in the bidding considerations - if it's a gov't help-out-the-little-guy or investors/banks trying to get anything they can..
thanks again!
0 votes Thank Flag Link Wed Jul 2, 2008
The previous answer are correct- investor, bank. Let me know if you have any more questions on the process and I would be more than happy to help you.
Liz Tintinalli
Web Reference: http://www.lizindetroit.com
0 votes Thank Flag Link Wed Jul 2, 2008
The Investor.

Tina Evans, Principal Broker
Web Reference: http://tinaevans.net
0 votes Thank Flag Link Tue Jul 1, 2008
Based on who has the highest bid and most net profit to HUD
Good luck http://www.lynn911.com
0 votes Thank Flag Link Tue Jul 1, 2008
I ask because the bid history looks like it was bought by a (holding company?) a year ago yet is being sold as a HUD home...?
0 votes Thank Flag Link Tue Jul 1, 2008
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