HUD Homes - Posted by Lesley

Real Estate Investing
1

Posted by Rob FL on June 23, 2000 at 08:13:27:

Government and non-profit agencies also get first dibs with a 10% discount.

I wouldn’t worry too much about the teachers and police. I was reading in the Miami Herald that after having the Teacher Next Door Program in place for over a year, only 2 teachers in our whole state had bought it this way. Don’t know the stats on police though.

2

HUD Homes - Posted by Lesley

Posted by Lesley on June 22, 2000 at 23:22:03:

Are these potential for first deals or not? There is a SF home around the corner from me that has a HUD sign in the window. Appreciate the response(s)!

3

Re: HUD Homes - Posted by Rob FL

Posted by Rob FL on June 23, 2000 at 08:16:03:

Alot of times these homes are overpriced and then overbid on top of that. Also you are required to produce proof of funds or prequalification for a loan at the time you bid.

However, there are deals available in the HUD market. Treat each property on an individual basis. Go to www.hud.gov for specific info on your area.

4

Re: HUD Homes - Posted by Pau

Posted by Pau on June 23, 2000 at 07:08:44:

yes if:

  1. you do your due dilegence
  2. you wait for them to drop their price- the
    first time listing is always over priced.
    After several weeks HUD will drop the price about
    3k.
  3. remember you will after to do some rehab. Most of
    the time the houses have been vacant a yr. Good
    Luck.
5

Re: HUD Homes - Posted by George

Posted by George on June 22, 2000 at 23:24:39:

Be aware that teachers and police get them for a 50% discount so they can bid at more than 100% of market value and still come out ahead.

6

Re: HUD Homes…Thanks Rob FL - Posted by Lesley

Posted by Lesley on June 23, 2000 at 10:19:09:

Again…thanks for info!