HUD BIDDING GUIDE

Thank you for your interest in the HUD/FHA Foreclosure sales program.

Visit our Weekly Hot Houses & HUD Homes or come to our office and pick up the weekly list. Your cooperation in viewing and inspecting these properties is very important.

Below are the 2 items that are required to bid on the properties:
1. Certified Check or Money Order for $1,500 made payable to MemphisHUD, as agent. This will be deposited into a separate escrow account pending outcome of your bid. You will receive a receipt for this. Refunds will be given within 3 business days after notification if your offer is not accepted or applied to another bid.

2. Pre-qualification by a mortgage lender for the loan amount that will be needed. A dated letter on a lender's letterhead must state the name(s) of the buyers, the amount of loan for which they qualify, the fact that a Credit Report was reviewed and approved by the lender, and the time period that the buyers have to make a purchase under the terms of that letter. Purchasers who are able to pay all cash must provide verifiable proof that they have the funds available at the time of the offer.

Upon your bid you will need to complete a

• HUD Sales Contract #9548
• #92564-CN Rider
• Agency Disclosure
• Lead Disclosure
• Owner Occupant Certification
• Deposit Forfeiture Rider
• Extension Policy
• Purchaser's Rights & Responsibilities Addendum.

We will complete these with you.

FHA financing, including 203K rehab loans, will be available with as little as 6-7% total money needed to buy to qualified applicants based on information provided above.

Please have the above information and documentation available to you upon viewing any properties. Failure to provide ANY of the above may result in your bid not being considered.

There is a special program for Law Enforcement and Teachers. Please see our "next door" listings for more information. Once Again, visit our Weekly Hot Houses & HUD Homes or come to our office and pick up the weekly list. We wish you the best of luck in the bidding. You can also receive our FREE List and Updates via email. Register to receive these updates. Please call us or e-mail us with any questions.

Thank you,
The First National Realty HUD Team

Frequently Asked HUD Questions