After much thought and many estimates and lots of number-crunching, Mr. Torres and I decided to make a bid on the HUD house that we found last weekend. Exciting!
Purchasing a HUD house is quite a bit different from buying a normal house. Instead of entering into negotiations to find a suitable agreement that benefits both parties, it’s a bit more of a guessing game.
The house went on the market last Wednesday. We looked on Thursday. We made a bid on Tuesday and now we wait until Monday.
All bids are due by tomorrow (Friday) at which time they will sell the house to the highest bidder.
So if no one else is bidding, you can get a steal. But if other people are interested, it’s a bit more competitive. The bad part?
You have no way of knowing if you’re the only one or one of many:P
So we made a bid that we were comfortable with, said a prayer and now we’re waiting!
Excited, nervous and thinking we may be in over our heads!
It’s quite a fixer-upper:)