CAN YOU BE CREATIVE WITH HUD'S? - Posted by Robjan


#1

Posted by Ray S on March 04, 1999 at 18:33:52:

Have you been to there web page. www.hud.gov ? This were I go to find about HUD properties.

As for purchasing them I do not use the name in the windows. Find a Realtor that you like because they earn a full 6% commission on HUD properties. At least it’s 6% in Florida. As far as escape clauses you are pretty much not going to get your bid accepted if you put any contingencies any the bid. I heard this a while back and have not put a contingency in to see if it was true. Just make sure you know what your exit strategy is before you Bid. Also, HUD gives you 60 Days to close where I am, I would assume it the same all over the U.S. 60 days is a long time if you have a bargain to pass along to a bargain hunter.

Hope this helps.

Ray S


#2

CAN YOU BE CREATIVE WITH HUD’S? - Posted by Robjan

Posted by Robjan on March 04, 1999 at 09:02:18:

In the area I live (Lake county, IL) we have lots of HUD homes within a 5 mile area of our home. I have read what I could find regarding HUD’s (which mainly explains how to submimt a bid) and have talked to the real estate agent who I was refered to when you call the phone number posted on these HUD homes, he’s not to helpful. My understanding is that just because a HUD home has a sign on it does not mean it is listed and sometimes can take years to get listed. I also know that not all are open for investor bids. Does anyone out there have any experience with HUD’s? Are there any creative ways to buy these deals with little or no risk? My way of thinking is you have to buy them outright and then try to get a rehabber who is interested in buying it from you (a flip) but its a risk.I could get stuck with it? (Most houses I see are in bad need of repairs)Why do some take so long to be listed for bids? Is there a way around that? I would appreciate any input from anyone who has dealt with HUD’s and how you worked it. Seems like there could be alot of opportunity here if I knew how to do it. Thank you