AboutJim Root Expertise Can inform on "What exactly IS a HUD Property & can one purchase one of these Homes at BARGAIN PRICES'?" Can answer questions with regard to using a variety of FHA-Insured Loan Programs for the purchase of HUD-Owned properties--the "Traditional" FHA Mortgage, the "203B," as well as two "Special" FHA Loans, the 203K & Streamline 203K. The 203B is used to purchase properties that meet FHA's Minimum Property Standards & the 203K & Streamline "K-Loan" are "Renovation Loans" that can be used to purchase & repair all in one loan package! Can provide GENERAL information on HUD property sales procedures, and the procedures used by VA & other Agencies that may put "Foreclosed Properties" on the market! Cannot give legal advice or opinions, nor serve as rhe Questionners' "Agent," but can "point the Questioner in the RIGHT DIRECTION for special guidance & assistance" with a HUD(or other "Foreclosed") Property purchase! My Research Assistant, Gale, shown here with me, is a former Licensed Realtor.
Experience Over 30 years as a "Real Estate Professional," including working as a Licensed Realtor, Residential Appraiser & Morgage Banker in the "Private Sector" and serving as a GS-12 Realty Officer with HUD/FHA for over a decade! Worked as Deputy Chief of the HUD Property Sales Division in Alaska and as Chief FHA Appraiser for HUD's Washington State Jurisdiction.While with HUD/FHA was trained & qualified as an FHA Loan Underwriter, Construction Analyst, Review Appraiser & Property Sales Specialist! Have worked in the Real Estate Markets in Alaska, Washington,Idaho,& Oregon over the past 30 years! Am familiar with "Other Markets" via continuous research!
Organizations Former Member of National Association of Realtors(NAR) & Society of Real Estate Appraisers (SREA)Currently a member of Mortgage Bankers Association of America (MBAA) & National Association of Review Appraisers & Mortgage Underwriters (NARA/MU)
Publications Articles published in various National, Regional & Local Real Estate-related magazines, booklets & newsletters. Co-authored several HUD/FHA Handbooks and numerous Marketing Materials while with the US Government Housing Agency!
Education/Credentials Associates Degree with emphasis on Real Estate,Bachelors Degree in Mass Communications & Masters Degree in Education/Teaching. Numerous private sector & government-sponsored Real Estate-related Courses over the years!
Awards and Honors Numerous Awards & Honors for Realty Marketing & Sales while a Realtor,"Outstanding Performance Awards" annually while with HUD/FHA. Earned the following Professional Designations: "Certified Residential Originator" (CRO) from the MBAA; "Registered Mortgage Underwriter' (RMU) and "Certified Review Appraiser" (CRA) from the NARA/MU.
Expert: Jim Root Date: 5/12/2008 Subject: Indiana hud home
Question I have found a HUD listed home. When I was ready to put a bid on it, someone had already bid and the bid was accepted. Now I find out that they can not get a loan for it. So, if this happens will the house go back on the hud listing or what? I am still very interested and would love to have a chance to bid on it.Or am I to late.
Answer MARSHA--
If, in fact, the successful Bidder cannot obtain financing, HUD is required to put the property back up for Bids. You say you found out that financing was a problem for the successful Bidders; that may be so, but HUD may give them the opportunity to look further for a Lender who will finance the purchase/sale of the property.
If the successful Bidder cannot find an alternative source of financing after a period of time, then the property will go back on the market as a NEW Listing, with a specified Bid Period and a Price (It may or may not be the same price it was originally listed at!)
You and/or your Realtor need to keep watching the HUD Listings so you don't miss the return of the property to the market! It could be "sooner or later," (or "never", if what you heard about the initial failure to obtain financing was untrue--OR the Buyer can get alternative financing somewhere.)
HUD has a Regional Contractor who handles the Marketing & Maintenance ((M & M Contractor) of HUD Homes for them--AND a local Realtor who is a member of the Multiple Listing Service (MLS)who works as the local Listing Agent for HUD Homes. You and/or your Realtor should contact one or both of these folks to see what the exact "status" of this property is!
In the meantime, keep looking at "Homes-4-Sale," in your area,as you MAY find one that you like even better than the HUD Home you just missed out on! I've found over the years that "when the door to one HOUSE closes to you,often the door to your new HOME opens up!" GOOD LUCK, Marsha!
