Posted by SueC on March 09, 2001 at 09:25:00:
You can do it, but you’d probably have to buy as an investor, which means you put $1,000 down and it’s pretty much non-refundable no matter what. You’d have to do it as a double close, I think, since you can’t assign the sale agreement. But you have 60 days to close, so there’s time to find a buyer.
Be sure you thoroughly inspect, because HUD doesn’t disclose very much, and you want to make sure that it really only needs $5K in repairs. A HUD prop sitting on the market that long at $25K under market means that something is wrong with it that prevented real estate agents and other investors from snapping it up at the asking price. Usually, at least in my area, deals like that are GONE ASAP, unless there’s something real wrong so that it’s not such a deal after all.
Good luck!