I’m a single mother, daughter in college. I work with the mentally disabled to teach them to be able to work. Of course this means I’m poor since this is not a high paying important job. I felt the only way I would own a home was to learn everything I could about real estate in my area, been doing so for a year now, took all the homebuyer classes ect. Five(5) days ago a hud auction home 2/bd/2ba was droped in price to $91000 and the auction ends in 5 days. no one has bid on the house except a non-profit who bid one dollar. I immediately read the auction rules which state that when the auction ends on 9/14/08 they must take the highest bid to recover there losses. So today I get a real estate agent to let me and several lenders into the house. I’ve already told and shown them the bidding rules, given them an appraisal of the house done last month. ($132000), an inspection report from last month, $605 in repairs needed. So then
I say, give me a pre-appoved loan for $20000, I’ll pay the escrow. The rules say they must take the highest owner-occupant bid over investors or non-profits. If I get the bid then everyone wins, if not no foul-no harm. First they talk for an hour about they could not believe something like this could be true, then more about how the were suprised the home was in such good shape and looked so nice. But then they told me the formulas they use did not cover this situation, they didn’t know how to fiqure it blah,blah blah. So, no loan, no home! The real estate agent who was showing us the home said she had no idea this could be done and maybe she and her husband would bid since no one else was. Is it all formulas and no ability to think, what does it take?