Posted by Rob FL on May 29, 2000 at 16:29:17:
Your agent should hopefully know the area and how HUDs work around there. There is no minimum bid, but they usually have an unwritten minimum in mind. Get with your agent and make an offer.
Buying H.U.D. Repo… - Posted by Ed Ortiz
Posted by Ed Ortiz on May 29, 2000 at 15:43:34:
I have seen a repo that I’m interested on for my primary residence. 3/2/2 needs a New roof and central a/c is down(will need new system list price by hud is 46K But I have noticed that they can go much lower than FMV. My buyers agent tells me that no other offers have been recieved. The bidding closes tomorrow. Is there anybody out there familiar with this process? Is there a minimum amount hud will take? I’ve never done one of this before and like I said it will be my primary residence after fix-up. Also, this is a pretty nice area and the average property sells for about 65k. WHAT SHOULD I DO??
Re: Buying H.U.D. Repo… - Posted by Dave T
Posted by Dave T on May 29, 2000 at 23:22:58:
This is how it works in my HUD district:
If this property has been listed for ten days or less, HUD will only consider full price offers from owner occupants. A full price offer is defined as 93% of list price or higher.
On day 11 through day 45, the bidding is open to the public at large (including investors) who wish to submit full price offers.
On day 46, if the property still has not sold, HUD will consider LESS THAN full price offers with a minimum of about 85% of list price.
If the property has a repair escrow, make sure that your realtor includes that in your offer when submitting your bid. As an owner occupant, you are eligible for HUD financing programs that require only 3% down.
Re: Buying H.U.D. Repo… - Posted by Robert ;N.Y.
Posted by Robert ;N.Y. on May 29, 2000 at 20:07:49:
I have had good luck bidding 500-2000 dollars over their asking price.
Or you could take the chance and lowball it.Keep in mind that HUD won’t counter offer. They just won’t accept your offer.
Bottom line its your money, only you know what you are comfortable with.
There is nothing like the pride of homeownership!
Please let us know the outcome,and good luck!
Robert
Re: Buying H.U.D. Repo… - Posted by CindyS-De
Posted by CindyS-De on May 29, 2000 at 16:43:14:
I would ask be asking myself why no one has bid on this house. Could be there is something seriously wrong with it. You can check for bids yourself on HUD’s website. In my area, DE, HUD repos usually go for FMV even the ones that need work. The ones that sit and sit are either in bad areas or have so much wrong with them no one wants them. www.hud.gov