Anybody that can help me with this I would certainly appreciate. This is my first Hud Offer. Hud requires a $1,000 earnest money for their properties. If I am not able to obtain finacing through my hard money lender, do I stand a chance to loose my earnest money with to Hud?
Earnest money is always refundable if you don’t qualify for financing, if that’s in the contract, (which it usually is.)
HUD repo’s used to require that you have a strong pre-approval before making an offer on the property to prevent this issue. But it has been awhile since I have worked them, so ask your agent.
Good luck !
Looking at some HUD properties, huh? I’ve been looking also, and I’ve found some pretty attractive deals. It helps that HUD pays up to 5% toward closing.
I’ve noticed on firstpreston.com they show an escrow balance and a list of repairs and their cost. Does anybody know how this plays into the deal?