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Do backup bids ever get the hud home?

We made a very good offer on a hud home last week. The bid open was Monday and we were notified  that we are in backup status. I know the winning bid only has 48 hours to get the contract in, and then once hud gets it they post the bid results on the web page right? Others from that acceptance day are posted, but this one isn't. It is now Thursday, does this mean that hud didn't receive their completed contract and I have a chance?
  • April 04 2013 - Indianapolis
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Answers (10)

Profile picture for user6848051
If you like the house, stay in there for as long as you can. I have had several buyers in 2nd, 3rd or 4th position getting the home after all. And, if you find something better, move on. Your agent can usually cancel the offer that is sitting in backup position with a simple form and good communication skills. Sue
  • April 06 2013
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Profile picture for JonRyanREMAX
There are so many different reasons that offers fall through when dealing with HUD.  So don't ever count yourself out until it says you are out.  There are so many rules on writing offers to HUD that often the offer will be written incorrectly and it can be rejected.  And keep in mind that when writing offers on any bank owned properties that it always comes down to the bottom dollar.  They just want their money back with least amount of contingencies on any offers they receive.

Good luck, hope you get a nice deal!
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  • April 05 2013
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Profile picture for user5842619
Is there any way to check the status of the winning bid to see if hud has received their completed contract? Or is the only thing I can do wait to see if we get an email?
  • April 05 2013
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I would keep looking, however it is still possible the current offer will not go through. I once had a HUD back up offer request come back to me for a client 3 months later. Of course I don't think that happens often however it is possible. 

  • April 04 2013
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Because HUD homes are sold "as is" and have been sitting vacant for months, problems are usually discovered during the inspection, which leads buyers to back out.  So, backup bids being accepted are not that uncommon.
Someone below mentioned that HUD favors cash and a quick close which is not true! HUD just looks for the highest NET offer. Financing makes no difference whatsoever to HUD when they are selecting bids.
  • April 04 2013
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Sometimes backups are accepted. I had a buyer have the same scenario happen. Property went under contract and a few days later I get an email saying our bid was accepted.
  • April 04 2013
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Great question! Sometimes the original accepted offer/ contracts fall through due to certain circumstances such as the financing falling through. In HUD homes, they often times favor a cash and quick close offer. I have bought a few HUD foreclosures myself and have seen this happen many times over. It's always best, in a multiple offer situation, to put your absolute highest and best offer in and even offering to pay closing costs. I always had great luck getting them that way. GOOD LUCK TO YOU and I hope I helped answer your question!
  • April 04 2013
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Hi!  That is a great question.  I don't know if it means that the other contract wasn't completed timely, but I have definitely seen people in the back up position be called by HUD days and even weeks after being put in the backup position to find out they are now in first place and can have the home if they want it!  The good news is that you have a shot.  But, I wouldn't hang your hat on it - if you were my client, I'd recommend to keep looking for something else as and if you get a call from HUD before finding something else that you were bumped to first position, it was meant to be.  Good luck!!
  • April 04 2013
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They do sometimes when the selected bid falls through or backs out. Good luck!!!
  • April 04 2013
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Fingers crossed for you!  Unfortunately, often times there is a delay in processing and posting to the web sites; I've had clients on the short end of this one.  Have your agent contact for a real-time status, and good luck!

  • April 04 2013
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