A lost opportunity for a solid buyer because someone else may not have had it all together BEFORE they made an offer to purchase.

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

Bidding on HUD Homes is a trick processWe 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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Topic:
ActiveRain Community
Location:
Georgia Coweta County Newnan
Groups:
Club Chaos
Dedicated Bloggers
Diary of a Realtor
The Lounge at Active Rain
"Whacked"!!!
Tags:
newnan hud homes for sale
coweta hud homes for sale

Comments 21 New Comment

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Rainmaker
401,965
Claudette Millette
Buyer, Broker - Metrowest Mass
The Buyers' Counsel

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.

 

 

September 19, 2009 07:19 AM
Ambassador
326,214
Paddy (Patricia) Pizappi
Real Estate Associate Broker Hudson Valley NY
RJ Smith Realty Real Estate Solutions

This is a often repeated situation these days. Hope that the buyers who lost out found something just as good or even better.

September 19, 2009 08:13 AM
Rainmaker
437,009
JL Boney, III
Columbia, SC Real Estate
Russell and Jeffcoat

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.

September 19, 2009 08:58 PM
Rainmaker
629,967
Don Rogers
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes
Keller Williams Realty Chesterfield

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.

September 19, 2009 09:44 PM
Rainmaker
212,913
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc.

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.

 

September 20, 2009 10:24 AM
Anonymous
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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale
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Additional Information

Author Bio: Richard Weisser is a Georgia real estate broker, licensed auctioneer, and has been writing about Georgia Real Estate since 1999.

Coweta Fayette Real Estate offers opinions and helpful information to consumers and real estate professionals in the Coweta County Georgia area.

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