I am a Realtor in Michigan who lists bank owned homes as well as those from private sellers. One of those I list for is HUD. I have personally bought a number of bank owned homes so I have been on both sides of the transaction. I have worked with large banks such as Chase, 5/3rd, Bank of America (only if forced) as well as small local credit unions and banks.
I am curious about buyers experiences with HUD owned homes and how up to date buying information is for those who wish to invest in these homes. For instance did anyone know that effective Dec 16, 2013 if you are an investor you will have just 30 days to close a transaction with HUD from the day of acceptance. Extensions will not be granted and your EMD will not be refunded if you don’t close. While there may be a few extreme reasons an extension is granted they will be the exception not the rule. So…bidding on a HUD home and holding up the closing several months while you find a buyer is no longer an option.
Let me know your own experience. And if you have any questions I may be able to help with let me know. I look forward to seeing what people have to say.
I think the HUD home foreclosures on the Internet are preserved by different management companies all under contract with HUD. Though, purchasing a these home can only be done using an offer submitted by a HUD approved real estate broker.
I have been researching HUD homes for investment purposes. I will let you know how this venture goes as I gain more experience with them. I’ve read that in the past, HUD was a great place for investors to make money. It is a little different now in markets with limited inventory, like my area in Idaho. But persistence will win the day.