Since we have never purchased a home before, I don't know that much about how the foreclosure purchase process is different. I can tell you it's a hurry and wait process.
The first 10 days of a HUD listing is owner-occupant priority, which means they will sell to someone who will use the property for their primary residence before they'll sell it to an investor. The house we wanted would go public after Memorial Day, which was four days away. If we wanted it, we'd have to bid by Friday since the agent wouldn't be in the office on Memorial Day weekend.
It took an intense conversation to convince Brad that this was the one and we couldn't take our time making decisions. He worried that we were rushing into something, and maybe we were. But the house was in such good condition, hit the market right when we were looking, and was such a good price that I pushed hard for it.
We called our agent on Friday night and instructed him to submit our bid. We had no idea if anyone else submitted bids, and we had an extended holiday weekend to wait and hope it would be ours.
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