Buying a HUD home in Maple Valley can mean getting a great deal on an REO property, however the process is different from buying any other bank owned property. HUD homes are FHA foreclosures. When a HUD home is listed for sale, it is offered for a period of time to owner occupants only. During that “opening bid” period, buyers who are not investors, can make an offer. In order to make an offer as an owner-occupant, the following criteria must be met: A HUD approved Real Estate broker must write and electronically submit the bid. The buyer must have the required earnest money amount (in our area, usually $1,000) in the form of a cashier’s check made out to HUD or “Buyer’s name”. If financing the purchase, the buyer must be pre-approved (with letter in hand) If a cash purchase, buyer must ave proof of funds Buyer and Broker must sign an affadavit that the buyer will be occupying the home and the purchase is not being made as an investment. HUD will continue to collect offers during the intial bid period, afterwhich they will calculate the net offer to them. (Offered price, less any concessions and fees requested by the
