How do Kentucky HUD foreclosed homes choose an offer?
My fiance and I have been looking at houses to buy for about a month now. We FINALLY found one in our price range that we LIKE… but it’s a Kentucky HUD foreclosed home. We’re first time home buyers with brilliant credit and have been pre-approved. But we’re a small confused about how HUD really works. Our relator said that there is a deadline for people to submit an offer (ours would be tonight at midnight) and that all the offers are reviewed at the same time–it’s not first come, first serve as with most houses. She wasn’t entirely sure HOW they choose who gets the house. We’ve chose to submit our offer at full price. Which she says she thinks a lot of people will do… does anyone know HOW HUD determines who gets the home? We just like it and it’s PERFECT for us!
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Tags: Buy HUD Homes, fiance, first time home, first time home buyers, foreclosed home, HUD, relator, time home buyersTags: fiance, first time home, first time home buyers, foreclosed home, HUD, relator, time home buyers
I believe HUD uses the same method everywhere.
They prefer a homeowner occupant- so if someone is bidding as an investment house they will lose to a homeowner occupant. Otherwise they look at the highest bid net to them. So if someone bids a dollar over list (and the cost to HUD is the same) then their bid would beat yours.
They also are allowed to turn down all bids if none of the bids are as high as they reckon they should be.