Sep
12
Hud Foreclosure Bidding
Filed Under Foreclosure
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I just bought a HUD home … I put $ 500 to submit a bid … does this account for my mortgage 5% down?
I just bought a house for $ 35 555. It was a foreclosure of HUD, which forced me to put $ 500 to the place of my offer. My offer was the winning bid. I have to put 5% below my mortgage. 5% 35 555 = 1777.75 Do I have to put $ 1775.75 until the time of closing, or $ 1,275.75 (5%, my deposit of $ 500 already included)
Yes! Its $ 500 earnest money that was put up, can be used as part of the 5% down. This money can be part of the initial and / or used as part of the closing costs associated with obtaining a mortgage. Jeff
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