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Western 49-63 : Real Estate Advice

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  • Home Buying0
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Activity 3
Fri Oct 5, 2012
Anita Eaton answered:
A HUD home is usually an FHA foreclosed home. The purchaser has to be pre-approved for a loan or have proof of funds prior to making a bid on a HUD home. Bids are submitted on-line and all submitted bids are opened on the Bid Open Date. If there are no successful bids on the Bid Open Date then HUD will open bids every 24 hours until they receive a successful bid.

When a bid is accepted the Realtor has approximately 24 hours to get all the signed contracts and proof of funds to the asset manager for review. HUD requires original contract signatures so the contracts need to be sent by an overnight courier.

If, after review by the asset manager, the contract package is satisfactory then they are sent to the HUD Settlement Agent and the home purchase follows the time frame of a traditional home purchase with the exception that HUD requires an 8 day review of closing documents prior to closing. If the lender waits until the closing date on the contracts to generate the HUD-1 Settlement Statement then the purchaser has to request and pay for a 15 day extension.

If there is any other information I can provide you can call me at 816-350-8400 or email me at aeaton@fprec.com.
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Mon Jul 30, 2012
The Sherri Oaks Team answered:
In Kansas I believe you can get the information at http://www.Kansas.gov/kbi or contact the local sheriff's office
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Tue Aug 4, 2009
Mary Hutchison answered:
There is crime everywhere, no escaping it!
However I always suggest that my buyers visit
www.crimereports.com

to get specific statistics , weekly, on a particular area.
I also encourage my buyers to visit with the neighbors up and down the block--do they know each other? Have block parties? Are there many renters? Loud parties? etc--that could be an issue in the area where you are looking. ... more
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