HUD Bid Offer
I will be bidding on a HUD repo --- bids due by midnight 7-1-03 (today!) Would appreciate any ideas for structuring my offer with very little cash in --- but I want to get my bid accepted and qualify for my financing. All ideas appreciated.
Sorry, no creative offers with HUD.
You must be pre-approved (financing already lined up) and have a 'proof of funds' letter with you offer when you bid. You usually have to have at least $1000 in certified funds as earnest money. This too must be included with you offer. That means that you'll have to put up $1000 for an offer that may or may not be accepted. You'll get it back, if not, but it will still be out of your hands for awhile.
Roger