Profile picture for anesialewis

How difficult is it to purchase a HUD home?

My fiance and I found a home that happens to be a previous HUD home. We made an offer and they countered the very next day. We really wanted the home and their counter was practical so we submitted another offer that was a little more than they said was their limit with the condition that they pay closing costs. Now we haven't heard back from them, and it has been a week. How long can they just leave us hanging without communicating further? Did we do something wrong all communication has been done through our realtor. We are first-time home buyers and we got pre-approved and everything, but we feel like we did something wrong. How long should we wait for a response?
  • September 15 2013 - Kokomo
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Answers (4)

Profile picture for Outer Banks N C
You are buying a bank owned home and dealing with a bank. banks are not normal sellers so anything can happen. You made an offer and then came back with closing costs added in which further reduces the offer. Even though you went over their counter offer price, you are offering less because of the closing costs and the bank will have to reconsider that. They also only work 5 days a week and have to have meetings and discussions with their supervisors and this can take time. The only real difference with banks is they take their time answering in hopes they get more offers while they delay and that they won't make repairs often.

good luck

tim
  • September 16 2013
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Profile picture for CallTheSisters
If you have an agent you need to keep after your agent to check up on this through the selling agent.  Often times you are not really dealing with the bank you are dealing with an asset manager.  Another person between you and the actual bank.

I have been dealing with Fannie Mae and communication back and forth is painful.  It takes forever to get an answer.
  • September 16 2013
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The agent can call the asset management company for an update. Generally HUD is pretty quick. Although they still take offers during the counter process. Look on the hudhomestore.com website and see if the home is still listed there.
  • September 16 2013
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Profile picture for howardft
I'm working on two HUD offers right now for two different clients. Have your agent call the listing agent to double check on the status of your offer. Then have your agent get the number to the asset manager in charge of your home with HUD and follow up. There's always someone to talk to find out what's going on. 
  • September 17 2013
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