Also, to elaborate on what Pamela said. You are supposed to have the funds to purchase the property BEFORE you bid on it. The Realtor who is registered to bid on a HUD home for you is supposed to collect a $500 (property under $50,000) or $1,000.00 (property over $50,000) Cashier's Check when you place the bid, and they are supposed to verify that you have the funds with some kind of documentation, such as a Bank Statement, IRA or Sock account.
Let me know if you need help on bidding on a HUD home, I am registered and fully understand the process of a purchasing a HUD property.
My contact information is below.