Hud Homes - New Rules in MI

Hud homes are now being run by a different asset management company, with that there are some changes with the rules and procedures for purchasing hud homes.

The biggest changes that I have noticed that affect the consumer are:

• The Owner Occupant period for insurable and insurable with escrow bidding is now 30 days, it was previously a 10 day period. What does this mean? For the first 30 days of the listing only owner occupants can bid on them. Investors cannot bid until the 30 day period has expired. During the 30 day owner occupant period, the first 10 days will be a simultaneous bidding period. Meaning hud will collect as many bids that are submitted and review. If none are accepted after the 10 days, then the listing will go to daily bidding for the remaining 20 days

• For uninsurable properties, there will be a 5 day exclusive owner occupant bidding period. If no acceptable owner occupant offer was accepted after the 5 day period the bidding will be open to all purchasers on a daily basis. This is good news for investors!

There is now one web site for the entire country for hud homes. That site is www.hudhomestore.com

• you must have an agent to submit a bid on any hud home
• you must have an agent to access and view any hud listing

If you would like more information on the hud home buying process or if you're interested in Hud Homes in St. Clair Shores or Macomb County feal free to call or email me.