Home Buying in Grand Rapids>Question Details

Enigmaingr, Home Buyer in Grand Rapids, MI

HUD homes.

Asked by Enigmaingr, Grand Rapids, MI Tue Feb 3, 2009

Can any agent place a bid for you? I understand the site to mean only the HUD approved agents can place the bid during the owner-occupant period. After that period lapses, can anyone do so?

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12
Any licensed real estate agent working with a HUD registered brokerage is eligible for your services, but scant few agents really know the in's and out's of HUD Homes sales.

There is a lot of competition in the market for HUD homes. Most HUD homes receive multiple bids; in many cases there are numerous bids for a single property.

Ask the real estate agent the following question: Do you show HUD properties to multiple buyers? If the answer is, "Yes" the matter merits some serious discussion.

If a real estate agent is working with multiple buyers for the same property, how does (s)he handle the following questions? It is reasonable to think that a buyer will WANT and EXPECT guidance to help a buyer achieve an advantage over other buyers in the market. It is an agent's job to provide counsel to provide a competitive edge to will help secure a property. Here are some key questions to ask your buyer agent:

How much is the property worth?

How much should I bid?

Do you already have other offers on this property?

Are you aware of any other offers on this property?

Have you written other offer(s) on this property?

Do you expect to be writing other offers on this property?

"Buying a HUD Home - Tips on Workiing with a Real Estate Agent," is the title of an article appearing at the link below.
2 votes Thank Flag Link Mon Mar 16, 2009
You will need to have a HUD approved broker. Many real estate agents have brokers that are HUD approved. Call an agent near you to find out if they work with one.

http://www.weknowdfw.com
0 votes Thank Flag Link Tue Aug 31, 2010
Let me see if I can clear up your misunderstandings.

First, any public buyer MUST use a HUD approved broker to submit and offer. The vast majority of brokers already have this approval, but you need to check with each office to be sure. For what it's worth, it doesn't cost the buyer anything to have and agent submit the offer. The commission is paid by HUD.

Next, when a house comes on the market it is open for a certain period for bids by individuals or preferred groups (teachers, policemen, charities), then for a certain period to individuals who intend to use it as a primary residence, then later opened to regular investors.

HUD also is offering some excellent incentives to buying their homes, but I would suggest you also consider bank owned properties and short sale properties, as they often offer a better value overall.
0 votes Thank Flag Link Sat Mar 21, 2009
Hello,

An agent will have submit the bid for you. You can view the home at http://www.mcbreo.com or check out http://www.grForeclosures.com for HUD homes and all other foreclosures in Grand Rapids.

Thanks,

Vito Dolci
616-791-1010
0 votes Thank Flag Link Mon Mar 16, 2009
HI Enigmaingr,

An agent must always submit the bid for you. I believe the only time they do not if it is part of the good neighbor program. I am waiting to close 2 HUD homes now and have an offer on another.......if you do not have an agent I would be happy to help.
0 votes Thank Flag Link Mon Mar 16, 2009
Having a HUD approved agent is really the best way to go. HUD has a specific process that needs to be followed and may be overwhelming and time consuming for some people. I have been working with HUD properties for some time now and would be happy to assist you.

Check out my website for foreclosures and HUD listings. http://www.grForeclosures.com

Thanks,

Vito Dolci
616-791-1010
0 votes Thank Flag Link Wed Feb 4, 2009
Yes, you do need a hud approved broker and ONLY those approved can bid through the hud website, most major brokers are approved. Hud's goes for owner occupied first then opens to investors ect. When you look at the HUD homes you can view a full condition report that can be helpful.
0 votes Thank Flag Link Wed Feb 4, 2009
good morning,

I have a blog on this subject - here and at active rain........... http://relocationgrandrapids.com/2009/01/07/buying-a-hud-hom…

I believe the only time you do not need an agent is if you are doing the good neighbor program. (Police - teachers). There is a lot work and follow up. You really do want a agent to help.

The one I am wotking on now, my buyer called the rep working on the deal, they called me back. They really do want you to work with an agent. The are so very busy, I think they want experience people to help make the trasation go smoother.
0 votes Thank Flag Link Wed Feb 4, 2009
No, even after the owner occupant period lapses you still have to have an agent that works for an approved brokerage to place the offer on your behalf.

I submitted a HUD offer as recently as last week so feel free to contact me for more info.

Thanks,

Robert
0 votes Thank Flag Link Tue Feb 3, 2009
You need a HUD approved broker. If you already have an agent, ask them if they are HUD approved. If they are not, they can get approval from HUD or work something else out so that they can help you.
Web Reference: http://miOaklandCounty.com
0 votes Thank Flag Link Tue Feb 3, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
Enigmaingr,

All HUD homes can be bought by having an approved agent to represent you. That means all offers must be written by the agent. It does not make any difference if it during owner-occupant or when the bid is open for all. You can always find an approved agent by visiting or calling any real estate office nearby. Ask if they are approved to sell HUD homes.
0 votes Thank Flag Link Tue Feb 3, 2009
HUD homes are a unique animal, for sure. We have done a lot of them, and I HIGHLY recommend you have someone represent you that has a fair amount of experience with HUD homes. It should make your process less frustrating, and more enjoyable ... like buying a house should be! Best of luck to you, and if you need some assistance in your area, I would be happy to connect you with a great agent.

Derek Bauer, Associate Broker / Realtor
Real Estate One
http://www.DoorToDreams.com
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Tue Feb 3, 2009
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