OK, so you want to bid. You will need:

1. A $500 bank check or money order for deposit (as required by HUD) if the bid is under $50,000 or $1000 if the bid is $50000 to 100,000 and $1500. if bid is over $100,000.
   
2. A prequalification letter from a lender stating they they have reviewed your credit and that a loan should be available for your purchase. (If you are paying cash you will need to submit proof of funds.) For information on how to obtain the required prequalification letter contact HUD registered broker, Paul Howard by email at: Paul@SouthJerseyHomes.com or by phone at 856-773-0633.

You will also have to decide how much to bid.

The "list price" on the HUD homes list is the value set by HUD's appraiser as fair market value. These homes are sold "as is" and much of the time this "list price" is lower than the price dictated by the market. (We can review historical sales comparing sold and list prices when you come to my office).

Determine the amount of your bid by discussing it with your HUD registered agent and by reviewing the recent sold prices of similar homes in the area. Once you have determined your bid amount your agent will prepare a contract for you to sign on the forms supplied by HUD. After you have reviewed and signed your agent will submit the bid over the internet. You will know whether your bid was accepted as the winning bid the day after the bid deadline date. You settlement date, if you won the bid, will take place within about the next 6 weeks. During that time you will need to get ready for settlement.

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