Beginning to make it your own.

Once you've found the home of your dreams, it's time to make an offer to buy it. Before deciding how much to offer, HUD urges you to get a professional inspection. It can also be helpful to find out how long the home has been on the market-if it's been for sale a while, the seller may be more willing to bargain.

After you and the agent have prepared your offer, he or she will present it to the seller. It may be accepted or rejected, or the seller may counter your offer by asking for a higher price or by making changes in the sales contract.

Making an offer to buy a HUD Home is often much easier than the process of buying a home on the private market. You'll submit your bid electronically via a computer or a touch-tone telephone through a real estate broker. The person making the highest acceptable bid is generally awarded that HUD Home.

Offers for HUD Homes can only be made through a licensed real estate broker. This way, HUD requirements are met and buyers get the help they need. HUD will pay real estate commissions if the commission amount is requested as part of the bid.

The initial listing price of eact property is HUD's estimate of current fair market value and is based upon an appraisal conducted by an independent real estate appraiser. HUD may accept an offer that's less than the listing price, depending on market conditions and the length of time the property has been on the market. In some instances, buyers make bids higher than the listing price, if they believe the market conditions demand it, or if the home is particularly appealing. It is important for buyers to be award of the property values established by HUD and submit offers knowingly.

You will generally make your offer for a HUD Home during a designated "Listing Period." With the commencement of the Initial Listing Period, bids may be submitted by all porential purchasers. However, priority will be given to owner-occupant purchasers for the first 10 calendar days as follows: All owner-occupant offers received during the first 10 day period will be considered to have been received simultaneously. On the first business day following the expiration of the 10 day period, owner-occupant bids are reviewed,  Should there be no acceptable owner-occupant bids, owner-occupant bids will be reviewed on a daily basis for the remaining . At each such daily review, HUD will accept the highest acceptable net owner-occupant bid. At the conclusion of the 10-day owner-occupant priority period, should the property remain unsold, a review of a general public bids (e.g. investor) received during the 10 day period will be conducted.