Posted by David on December 17, 1999 at 14:51:44:
I bought about a dozen HUD houses, but was never able to get one at the auction. There were lots of bidders at the auction and I thought the prices exceeded market is some cases. I never did a simutaneous close but would presume they charge a fee. In my area freeze damage is a consideration as most Hud houses have been vacant for at least one winter. Even if winterized after HUD gain control that doesn’t mean that there wasn’t freeze damage before. Some of the best ones i got were about 50% of FMV. But the downside is that I bid on awhole lot to get the dozen I did get. I bid low and I bid often, when I get one its a good one, I don’t mess with marginals. I like outright sales, and only use L/o when I can’t get all cash.