Hud Bidding process -5 Farmington Home buyer tips
How does the HUD bidding process go? HUD offers their foreclosures to buyers that are going to live in their home first. One of HUDs objectives is to basically to help the average person buy a home. So they will not let investors or landlords bid in the first 10 days.
The HUD bidding process is a blind bid. We put the offers in their computer system online. We do not know if anybody else has bid, or what the other bids may be. It is completely blind. So I always tell my clients to put your best bid in to win the house. You DO NOT GET A SECOND CHANCE. It is a one shot offer, so put your best offer in.
At the end of ten days they close the bidding off. The following day they chose the best offer and award the contract to the best bid.
I hope this explains the HUD bidding process a little bit.
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