New Disclosure Has HUD Home Buyers Puzzled

A few days ago HUD added a new disclosure to its listings on the HUD Home Store that has many buyers and real estate agents puzzled.

“Availability of home is subject to the Asset Manager removing the home from the market”

What does this mean?

Basically, they say that HUD could remove the listing at any time without notice. On regular HUD listings that does not happen too often. They may remove a HUD home from their website, because of damage to the property. Maybe someone stole the copper or broke into the house.

HUD homes on a daily bid deadline get the additional warning that they are available “subject to the Asset Manager accepting a bid from an earlier bid period”.

HUD reviews new offers during business hours (Central Time). Bids submitted by midnight are reviewed on the next business day. It usually takes most of that day to go through all of the offers.

A property may disappear from the HUD home store anytime during the day, when HUD accepts a contract submitted a day earlier.

Here’s a good strategy that will save you time and redundant offers …

Submit your offer after 6 pm. That’s when most HUD listings have been updated and you know that the HUD house of your choice is still available.