How to Buy a HUD home in the Provo-Orem Utah County Area?


Helping my buyers buy a HUD or Housing and Urban Development is my new favorite thing to do.  I check their website: www.hudhomestore.com every morning.  I search for the latest bargains.  Yes, I realize HUD homes will also appear on the MLS.  However, there is a delay between HUD and the MLS.  Many of the best bargains are actually undercontract by the time the HUD Realtor in Utah gets around to changing the status.  This is why I search the HUD website every morning.  If I find an amazing bargain I place a bid that morning.  Yes, without seeing the home. 


hud homes in provo-orem utah county area


These are usually on rentals for myself.  I make a low offer and rarely get the home.  However, once in a while you get an amazing bargain from HUD.  These are foreclosed homes that are government owned.  Many Realtors in Utah don't understand how to buy a HUD home.  In fact, many Realtors will steer you away from a HUD home.  I am the opposite I encourage my buyers to buy a HUD home.  Yes, the agents and representatives often provide the absolute worst service in the industry.  However, the pain is worth getting an absolute bargain.

If you want to play in the HUD world you have to know what you want and move quickly.  You don't have to see the home every single time.  A newly listed home that is very undervalued won't last a single day.  HUD wants your earnest money handed to their title company in Orem within 48 hours.  They also want about 20 pages signed in blue ink and fedexed to their processor within 48 hours.  If a single thing is not done exactly the way they want they cancel your file and will sell your home to the next bidder.  They are extremely rude to deal with.  I would love to complain but how do you complain to the federal government about poor service??

Here is a definition of a HUD home:

A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

All HUD Homes are now posted for sale on the HUD site.  Prospective buyers must use a HUD registered broker/agent (Paul Teasdale with Team Teasdale is registered) to "bid" on a HUD Home.  The bid that results in the highest "NET" proceeds to HUD will be the successful bidder.  There are specific bidding periods for various types of buyers (see the property details page for the bidding periods and deadlines).

Anyone can search for HUD Homes and check bid timelines without registering.  However, registration is required for buyers to save their searches, and for selling brokers/agents to submit bids for their clients.

Once you've logged in, you can click on Bidder Functions on the top right of your screen and review your bids. You will not be able to view bids other than those you have entered yourself.

Here are what their codes mean:

AC: Accepted - The AM has ACCEPTED your bid. Please ensure that all documentation is in order and has been sent to the AM for review. Failure to do so in a timely manner may result in your bid being canceled.
 
CA: Canceled - Your bid was canceled by the AM.
 
OBC: Other Bid under Contract - Your bid was NOT selected. The AM entered into a Sales Contract on another bid. If you elected your bid to be a backup, your bid will be saved for future consideration in case the contract gets canceled.
 
OBS: Other Bid Selected - This bid has NOT been selected. The AM has a preliminary contract acceptance from a different bidder for this property. If you elected your bid to be a backup, your bid will be saved for future consideration.
 
PR: Pending Review - Your sealed bid is Pending Review and is not currently available to the AM. You cannot modify or withdraw this bid. Bids from a previous bid-opening date are still under review. The AM does not have any additional information at this time.
 
SB: Sealed Bid - Your bid is sealed and is not available to the AM. You can modify or withdraw the bid.
 
UR: Under Review - The AM is currently reviewing your bid and others from this bid-opening date.
 
WI: Withdrawn - You withdrew your bid from consideration before the AM reviewed the bid.

If you want to see a HUD home I am an authorized HUD seller.  I have a mysterious HUD key and can access any HUD home in the state of Utah.  Many agents do not have one of these keys.  I am a principal broker and can place a bid on a HUD home in about 60 seconds for you online.  I am experienced in helping you know what and how to bid.  Contact Paul Teasdale for assistance in buying a HUD home in Utah County. 

Here are the two places to find HUD homes:
www.hudhomestore.com
www.UtahCountyListings.com   (this site includes all bank foreclosures in Utah)

If you would like me to find you a HUD home fill out this form in 60 seconds:

Complete this form for help finding your HUD home

Welcome to my Utah County Real Estate blog!  We are located  in Mapleton, Utah.  Our team combines proven traditional real estate practices and represents the leading edge in the future of real estate marketing by merging internet technologies, service, communication, information and analysis with those traditional practices to provide our clients with an exceptional real estate experience and superior marketing.

Paul Teasdale, Principal Broker
ABR, CRS, e-PRO, QSC, Finance  BYU
16 Years Experience, 850+ Homes Sold
Team Teasdale Realty, Utah County Real Estate
Phone: 801-491-7653

Posted by Paul Teasdale - Utah Broker at 9/2/2011 6:50 AM
Categories: HUD Homes
Tags: HUD HUD home Provo-Orem HUD HUD home for sale Buy a HUD bargain on HUD Realtors Utah County hudhomestore.com MLS and HUD
 

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