HUD Properties/canceling

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Question
Can i change my mind about the house if my bid for a hud foreclosure is accepted (without any consequences) ?

Answer
Normally if earnest money was required this amount will be forfeit.  Somewhat of a case by case basis.  If you used a real estate agent to submit your bid you can have him/her inquire as to any monetary costs to cancel.

If you have not yet made a bid that was accepted and you just want to know, I would still ask a real estate agent familiar with HUD sales.  

You might also go to the HUD website and see if you can make an inquiry there.

www.HUD.gov

HUD Properties

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Steele V. Propp

Expertise

I can answer most foreclosure related questions. Buying, selling, the process of foreclosure, Loss Mitigation, Short Sales, etc. Both for HUD and VA homes as well as conventional foreclosures. I work 100% in the Foreclosure arena, dividing my time equally between consumers going through foreclosure, people interested in buying foreclosures (investors and those looking for a home of their own for lesser cost), and with the lenders doing foreclosures. This unique three prong approach allows me to see all three sides of the typical foreclosure scenario. Our goal is to offer advice and create a win-win-win situation.

Experience

19 years of bank owned housing experience.

Publications
Money Magazine, Real Estate Today, Consumer Digest and many newpapers, regional and national.

Education/Credentials
Foreclosure Specialist

Past/Present Clients
GMAC Mortgage, Horizon Management, and 43 other lenders involved in the foreclosure process.

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