dealmaker
03-26-2005, 12:53 PM
The saga of the HUD auction continues. For background please see my thread "fun times at the HUD auction, dated 3/18/05.
Went to the auction on Thursday, 3/17 and had the "winning" bid on the house I wanted, I knew the auctioneers would add 5% to the bid, no problem they have to get paid. When filling out the paperwork (OFFER FORM) the agent tells me that the "offer" will be presented to the seller (bank), but that acceptance is "pretty much a formality".
Anyway I don't hear from him until Monday morning when he calls me at 8:30 to tell me the seller has countered at $24K (80%) of the MLS price. My feeling is that no one at the bank was at work at 8:30 and that the guy had probably known this since Friday sometime, but maybe not. I told him he had my offer, $23,250 (plus the 5%, so I'm paying $24,412) and to take it back to the seller or mail me back my earnest money. I think he was a bit stunned that I wouldn't just acquiesce on the bump.
Anyway I don't hear from the guy until this Thursay, 3/24, when he calls me at 9:15 AM to tell me the seller has accepted my offer and the paperwork will be sent to the title company within a week or so. This is good, this makes me happy, UNTIL.
The postman brings the mail on Thursday and in it is a piece that I think at first is just junk mail, until I notice it's from the auction company. It's a list of about 20 properties from that weeks auctions (maybe 100-120 total) on which the seller has DECLINED THE WINNING BID OFFER. And if you would like to make a SEALED BID, MAIL OFFER they are open to bidding until April 4th. No, mine wasn't on there, but how quickly must they have worked to prepare this, print it and mail it all on there mailing list. And, since they didn't "know" my offer was accepted until Thursday morning; why wouldn't my place have been on something that at least had to have been prepared, printed and mailed on Wednesday. Yes I do understand the ability of personal computers to do stuff like this quickly.
I'm not complaining here, although I know it sounds like it. I'm just letting you know if you decide to go to the HUD live auction: The deal isn't done until the deal is done!
dealmaker
Went to the auction on Thursday, 3/17 and had the "winning" bid on the house I wanted, I knew the auctioneers would add 5% to the bid, no problem they have to get paid. When filling out the paperwork (OFFER FORM) the agent tells me that the "offer" will be presented to the seller (bank), but that acceptance is "pretty much a formality".
Anyway I don't hear from him until Monday morning when he calls me at 8:30 to tell me the seller has countered at $24K (80%) of the MLS price. My feeling is that no one at the bank was at work at 8:30 and that the guy had probably known this since Friday sometime, but maybe not. I told him he had my offer, $23,250 (plus the 5%, so I'm paying $24,412) and to take it back to the seller or mail me back my earnest money. I think he was a bit stunned that I wouldn't just acquiesce on the bump.
Anyway I don't hear from the guy until this Thursay, 3/24, when he calls me at 9:15 AM to tell me the seller has accepted my offer and the paperwork will be sent to the title company within a week or so. This is good, this makes me happy, UNTIL.
The postman brings the mail on Thursday and in it is a piece that I think at first is just junk mail, until I notice it's from the auction company. It's a list of about 20 properties from that weeks auctions (maybe 100-120 total) on which the seller has DECLINED THE WINNING BID OFFER. And if you would like to make a SEALED BID, MAIL OFFER they are open to bidding until April 4th. No, mine wasn't on there, but how quickly must they have worked to prepare this, print it and mail it all on there mailing list. And, since they didn't "know" my offer was accepted until Thursday morning; why wouldn't my place have been on something that at least had to have been prepared, printed and mailed on Wednesday. Yes I do understand the ability of personal computers to do stuff like this quickly.
I'm not complaining here, although I know it sounds like it. I'm just letting you know if you decide to go to the HUD live auction: The deal isn't done until the deal is done!
dealmaker