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KHOMES
BEST CHOICE IN REAL ESATATE.
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Receipt or posting of the notice that a buyer's bid has been "accepted" does NOT mean, explicitly or implicitly, that First Preston Foreclosure Specialists, Southeast Alliance of Foreclosure Specialists, LLC, or HUD has entered into a binding real estate contract to sell the subject property to a buyer. Receipt of such notice simply acknowledges that a buyer's bid appears to yield the highest net return to HUD of offers submitted, based on information provided at the time the bid is electronically submitted for the advertised property. A binding contract is still subject to timely receipt of a properly completed and signed HUD Form 9548 and satisfaction of all other necessary HUD preconditions and requirements to a contract for purchase of Real Estate. Contracts are not considered binding until execution and delivery of the contract to the purchaser or the purchasers agent by First Preston and/or its authorized affiliates. If required or requested documents are not received in proper form within the timeframe provided (normally 48 hours from request), we reserve the right to deem the offer "non-responsive" and re-list the property for bidding. If there are no other acceptable bids submitted during the advertised period, the property will continue to be advertised for sale.
Further, brokers and buyers are warned that all bids must be legitimate. Fraudulent bids subject all parties, including brokers and buyers, to severe penalties under the law. The bid you enter is fraudulent if you do not have in hand the qualified buyer whose Social Security number will be entered on the bid screen, and who has given you proper earnest money to hold on behalf of HUD. This warning will be repeated, and certification of a good-faith bid will be required, each and every time you enter a bid.
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