Comments on: Understanding HUD Home BIDDING DEADLINES http://www.columbusohiohudhomes.com/hud-how-to/understanding-hud-home-bidding-deadlines Columbus HUD Homes, Bank REO's and Shortsales for Sale in Central Ohio Mon, 23 Jan 2012 17:57:25 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: admin http://www.columbusohiohudhomes.com/hud-how-to/understanding-hud-home-bidding-deadlines/comment-page-1#comment-87 admin Tue, 10 Jan 2012 02:16:12 +0000 http://www.columbusohiohudhomes.com/columbus-hud-homes/understanding-hud-home-bidding-deadlines#comment-87 Hi Kristy, it is correct that you don't have to sign any paperwork just to place a bid. Your agent should have asked you for a copy of your mortgage pre-approval letter if you are using financing, or a copy of your bank statement if you are buying cash. When submitting a bid on behalf of a buyer, the agent has to electronically sign that he is in possession of these documents. After submitting the bid for you the agent received a bidding confirmation which he should have emailed you. It's a pdf file, date and time stamped, and that way you have proof that your bid was actually submitted. In Ohio, the financing for HUD owned properties is no different that if you would purchase any other home. That means that you will need 3.5% down for an FHA loan or 5% for a conventional loan. Once your bid is accepted (your agent will receive an email) you will need the earnest money deposit of at least $500 and this deposit needs to be sent in to the asset manager along with your contract package. Other than that, you may need funds for a home and pest inspection and utility activation and all of this takes place prior to closing. Let me know if you have further questions. Susanne Hi Kristy, it is correct that you don’t have to sign any paperwork just to place a bid. Your agent should have asked you for a copy of your mortgage pre-approval letter if you are using financing, or a copy of your bank statement if you are buying cash. When submitting a bid on behalf of a buyer, the agent has to electronically sign that he is in possession of these documents. After submitting the bid for you the agent received a bidding confirmation which he should have emailed you. It’s a pdf file, date and time stamped, and that way you have proof that your bid was actually submitted.

In Ohio, the financing for HUD owned properties is no different that if you would purchase any other home. That means that you will need 3.5% down for an FHA loan or 5% for a conventional loan.

Once your bid is accepted (your agent will receive an email) you will need the earnest money deposit of at least $500 and this deposit needs to be sent in to the asset manager along with your contract package.

Other than that, you may need funds for a home and pest inspection and utility activation and all of this takes place prior to closing.

Let me know if you have further questions.

Susanne

]]> By: Kristy http://www.columbusohiohudhomes.com/hud-how-to/understanding-hud-home-bidding-deadlines/comment-page-1#comment-86 Kristy Tue, 10 Jan 2012 01:43:33 +0000 http://www.columbusohiohudhomes.com/columbus-hud-homes/understanding-hud-home-bidding-deadlines#comment-86 I placed a bid on a HUD home and my realtor did not have me sign a thing or do any type of paper work is that okay or should I have done something before placing my bid. He also told me a HUD home needs no down payment and you don't need any of the money till closing date is this true? I placed a bid on a HUD home and my realtor did not have me sign a thing or do any type of paper work is that okay or should I have done something before placing my bid. He also told me a HUD home needs no down payment and you don’t need any of the money till closing date is this true?

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