I made a bid on a foreclose property, the price is $ 109,000 HUD house.My bid is $ 109,000 but they pay the closing costs.Next day my agent told me we

Asked by Peace, Poetown, OH Sun Feb 7, 2010

were outbid.My question is how come the unit's seems to be in the listing still after 2weeks ? Should I make another bid ?

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
William M "M…, Agent, Suwanee, GA
Sun Feb 7, 2010
Hi Peace,

With a HUD Property you can, with the submission of your bid, indicate that you would like for the bid to be considered as a back up offer should the accepted offer fall through. Was this the case with your offer? Check your documents or have your agent check them for you. As far as the listing remaining active in the listing service, I see this all the time. For the most up to date information look on the HUD-Pemco site which can be found at http://www.hudpemco.com/.
1 vote
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Mon Feb 8, 2010
James, I'm sure glad that our MLS in Florida has clear rules about when to change the status to pending. Interesting that the seller's get to set the listing rules on your MLS. You must get a lot of calls from consumers and realtors who are mad about you wasting their time. Thanks for letting us all know that the info in your MLS is not to be trusted.
0 votes
James Dudley, Agent, Suwanee, GA
Mon Feb 8, 2010
Peace,

We list HUD homes in 5 Metro Counties.

We do not change the status of our listings in the MLS until the property closes due to the high rate of sales not making it to completion. HUD prefers that we market these properties as much as possible until the sale is complete.

http://www.hudpemco.com will give you the most up to date information on the status of these properties. Until the home is returned to market you will not be able to place another bid on the home.
0 votes
William Bent…, , Conyers, GA
Mon Feb 8, 2010
You can go to a website named "BidSelect.com" and register for yourself so as to be able to view all the statuses of an offer. Only a licensed real estate agent can actually bid on the home but you can preview all available homes.
0 votes
Keith Manson-…, , Milwaukee, WI
Sun Feb 7, 2010
The purchase of a hud property takes a long time! After the bid is submitted through the computer: it needs to be approved,then paper work has to be submitted to hud, if paper work needs correction then whole new set of paper work needs to be sent to huds contract via fed x, then if all paper work is alright the paper work is sent to get signed off to approve and finalize the sale. Offically there is no deal until the contract which is signed 3 to 4 weeks after the approved deal on the computer.

Good Luck

Keith Manson
First Weber Group

Certified Distressed Property Expert
Metro Milwaukee

http://milwaukeebailout.com
0 votes
Joanna Morris, Agent, Floral City, FL
Sun Feb 7, 2010
You can submit another offer. There are two possibilities here. One they are waiting on the bank to execute the documents or it just hasn't been changed to pending by the Realtor yet.

The second is something happened to other offer and the property is still available. Call your Realtor and ask them to check for you.

Good luck!
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sun Feb 7, 2010
It can take a few weeks before the property is signed off by someone senior enough for the contract to be considered binding. You can try and make another bid, but you're probably wasting your time. Better off to let the listing agent know that if the current offer falls through, you want the place and will make another offer. I've done that with my clients and we've won the property in the end.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the Florida MLS without obligation or registration from my website.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more