We lost a HUD bid a few months ago. And not by a little bit either, as the winning bid was about $10,000 higher than ours on a $100,000 house.
We were in second place, and indicated that we would accept a backup position. As time passed, our clients purchased another property and we have already closed and they are satisfied with their purchase.
Today I was notified that the house is back on the market.
I can't help but wonder why it took three months for the original HUD purchase and sale to fall apart. In most cases with a HUD home, title is cleared before the home is placed on the market so I have to assume the issued was on the buyer's side of the deal. If there was a financing issue, wouldn't that be discovered in less time than three months?
I hate the fact that my client lost a great opportunity because someone else did not have his or her act together. And I can't help but wonder if the extra $10K bid had anything to do with either qualifying for the loan or contributed to buyer's remorse.
Hopefully, we'll find another buyer for the property. In the meantime, we'll just keep pressing on!
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I feel for you and your clients. I hope they are living in the home of their dreams.
I am sending positive thoughts that you and your clients will find the best
Richard,
We are seeing this mor eoften, and not just on HUD homes. Folks pass up a house showing "Contingent," and then it pops up again in a week or a month, status revised to "Active."
Might get more aggressive showing "Contingent" homes, but who can wait around? and who can wait 3 months?
Hi Richard:
I don't know what's taking these banks so long with foreclosures right now...
I have an offer in on a foreclosure for about 45 days and still no answer from the bank.
Mel...
It's just so frustrating sometimes how you have to move so fast and then wait so long! THX
Janice...
Did you notice that I changed that title a few posts back based on your suggestion? Thanks for the positive energy!
Mike...
We assumed that any issue would pop up in the first month ,,, I don't think that anyone would wait three! Thanks for the comment!
Richard, it looks like the offer got hung up in the bureaucracy. Too bad for your clients. Glad to here they did find something else they were happy with.
That is really strange, I wonder if it was an FHA rehab loan they were trying to get. That's the only way I can think of that HUD would keep something off the market that long.
We have a forclosure that we have been waiting almost 5 full months on. I'm surprised the buyed don't walk.
Richard, I was recently in REO hell and we lost out to a few thousand dollars more. The wait was ridiculous. I felt as if I was stalking the other firm for an answer. The stress of waiting really whomped...
Richard - I have had that happen with REO's and short sales but never with HUD. Glad you found a place for your buyers. Hope you get buyers for the on the market again home.
Richard: Three months is a long time for something to fall apart. Very odd. Is it possible that there was an issue uncovered during the home inspection?
Richard....there is just no good reason for this to happen. it is th emain reason many people won't deal with a HUD home.
Richard - I agree - it sounds like an awfully long time for a HUD home for them to figure out that it wasn't going to work. Sorry to hear that, but at least your clients found another place!
Toula...
Since this was a HUD home I can only assume that the buyer was the cause of the delay. Who knows, though? THX
Michael...
That's the important thing, that's for sure! THX
Julia...
No, the repairs were under $500 and therefore wee escrow items, but good thinking. THX
Richard, sometimes it just stinks. But I am glad to hear that you are just soooo busy! I hope we see that activity soon.
In most cases it all happens for a good reason. I hope they are in a home they love.
Richard:
Financing is taking a bit longer these days, but, three months is pretty unreasonable. The only loan I have had recently that has taken that long was a 203k rehab loan. That was touch and go for 2 1/2 months but it finally closed.
This is a often repeated situation these days. Hope that the buyers who lost out found something just as good or even better.
The wait seems to be getting longer and longer to hear anything on REO's and HUD homes. Seems it shouldn't have to be so difficult.
Richard,
It is possible that the $10,000 had everything to do with the sale of the property. Especially when the buyers have to show that they have the funds available.
Wow, that is terrible that your client lost this property. I am glad you were able to find another property for them. But three months does seem excessive. Wonder if they buyer might have been approved and with our changing environment, their approval turned around.