Posted by gerald(tx) on September 24, 2004 at 13:50:48:
Thanks for verifying this, John. I will now proceed knowing that it can be done.
Funny, last year HUDs were overbid in our area also, with all the newbies and the easy credit. I blew off the idea of a HUD. But strangely, in the last couple of months I’ve seen bargains of like 85%. So not only is is an area thing, but apparently a cyclical thing also.
Now watch next week all the realtors will have gotten wise and bring their clients in, and we’ll be back to 110-120%. Hope I can be faster on the draw.
Posted by gerald(tx) on September 23, 2004 at 23:48:22:
My son wants to bid on a particular HUD home. He doesn’t have the credit but I want to help him.
Locally, there have recently been attractive successful bids on HUDs but they always go to the owner occupants before they are opened to investors, hence only occupants are winding up with the houses.
My question is, do you think we could get a home as co-bidders, both our names on the title, with him as the occupant and me as the obtainer of the loan?
Would HUD go along with this? If not, is there another solution.
My son and I did the very same thing. I had to check with HUD for verification, as the R/E agent would not write the offer. It is perfectly leagle and allowed.
In my area Hud homes are going for 120% of market, as the bidding frenzy is nuts. I have not found a good value with a HUD since, but that is in my area.
Good luck