Things to know
Purchasers that intend to live in the property (Owner/Occupants) have the first thirty days of the listing to make an offer before it is offered to Investors. With in the thirty days, HUD will accumulate any offers made in the first 10 days before opening them. On day 11, if there is no winning offer, offers will be opened on a daily basis every business day. On the 31st day of the listing, if no offer has been accepted, investors will be allowed to place offers.
Home Inspections/Contract Cancellations
Home inspections are recommended but not required. HUD Homes are sold strictly "AS IS". There will be no repairs prior to closing. An Owner/Occupant can cancel their contract after home inspection and potentially get their earnest money returned so long as the issue they are cancelling for has not already been disclosed. Investors will not get their earnest money returned for any circumstance.
