Home Buying in Dearborn>Question Details

Suhair Nobani, Home Buyer in Dearborn, MI

I placed a bid on a home and have got a preapproved loan from a lender. My real estate agent told my that I

Asked by Suhair Nobani, Dearborn, MI Tue Mar 31, 2009

have to wait until HUD approves the deal and that he has to wait for another week. How do I know if Hud accepted my bid and that I can go further to complete my loan application? and who would be the best mortgage company to work with?

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6
PLEASE READ!!!!!
if you are buying in dearborn, reconsider!!! they are crooks and liars. its evident by a building and safety department employee being found guilty of accepting bribes. but i knew this long before this conviction took place. If you are looking to get a certificate of occupancy, good luck!
they actually created a new department, closed the old building and safety office upstairs(its now some sort of fire department) and gave all these crooks new jobs with new titles.
do not buy in dearborn!!! especially with rehab or foreclosed houses. they hold you to a different and unfair standard of doing repairs. i have first hand experience with them. they did a blanket inspection and passed it off as real, when i dont believe an inspector stepped foot in the house. they stated in the inspection report certain things needed to be repaired when in fact they didnt. the plumbing was determined to be changed, when in fact the water had been turned off pre-inspection, figure that one out??? i asked the inspector how he concluded the plumbing needed replacing, his reply was i have 20 years experience. when i had the water turned on, the water never leaked.

im telling you people this is not propaganda, only the truth as i have experienced. they will make your life a nightmare it will cost you a fortune to live in a city that is way past its prime.
1 vote Thank Flag Link Mon Jul 20, 2009
I think your agent will inform you as soon as s/he knows.

I wanted to second Vconverter, stay away from city of dearborn, especially if the house is not up to code, get the inpsection report and see how much the escrow is, if it is higher than 10K, then without thinking don't buy the house, the inspectors will make your life hell and they will look for ways to complicate getting the house up to code, they are just looking for bribes (tips), so please reconsider buying in city of dearborn, you are better off buying in Dearborn Heights zip code 48127 is the best in this area.
0 votes Thank Flag Link Mon Jul 20, 2009
Hi Suhair

If your current lender has provided you with good service up until this point then I would recommend sticking with them. If you decide to look around at other lenders, I would check around with 2 or 3 lenders who are local and reputable, and also when interviewing them make sure they are experienced in financing HUD homes.

There are a lot of complicated factors involved in purchasing one of these homes, and the lowest rate in the world won't matter a bit if they cannot get your loan closed as promised and the deal falls apart. Then you could possibly lose any money you've invested into the transaction, including inspections, appraisal, etc

Best of luck
0 votes Thank Flag Link Tue Mar 31, 2009
Suhair, Evan has given you some good tips. If you are not aware of the HUD website, it is http://www.mcbreo.com. My question to you is: are you buying the home as an owner/occupier or as an investment? If you are buying it as an investment and the home is new in the market, you are not allowed to bid for the first 1o days. After the first 10 days it is open for everyone to bid. You will know the next day (excepting weekends) if a bid has been accepted. If your bid was accepted, your agent will be contacted by HUDs representatives. If no bids were accepted, the property will be avilable for bidding after 4pm Dearborn time. This is verifiable by going to the property details page and if the submit button is viewable, then no bids were accepted.
When looking for a mortgage, I would recommend you avoid FHA loans. They are usually harder to get processed when dealing with any foreclosed property
0 votes Thank Flag Link Tue Mar 31, 2009
Foreclosures, while great bargains, often require more patience from Buyers. The wheels turn slowly, and banks, HUD, Asset Managers, etc. all have their own procedures and policies that must be followed. Go ahead and continue to work on getting your loan approval. There will still be items that must be included in your application such as the appraisal of the property once you have an accepted contract. If another bid is accepted, you at least have most of your loan work done and can easily move on to another property. Getting completely pre-approved saves some time in the process and may put your bid in a more favorable light than someone who is simply "pre-qualified."
0 votes Thank Flag Link Tue Mar 31, 2009
You can view the bid results online. My wife and I bid on a home last year and we ended up losing but you can go to HUD's website and they have links to each states Hud homes for sale. Go to that link for your area and you should see your home listed and the date for the bidding process. There will be an end date listed and if an acceptable bid is made and accepted it will be posted online.
0 votes Thank Flag Link Tue Mar 31, 2009
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