HUD homes with no cash and w/o bank financing? - Posted by Burt Buchanan
Posted by Burt Buchanan on November 01, 2000 at 14:19:22:
I have heard that most bidders at HUD auctions do not bid on the uninsured houses because they believe they must either obtain a conventional mortgage, which requires a 20% down payment, or be prepared to pay all cash within thirty days of the sale. They believe they cannot obtain good bank financing for the purchase. I have also heard that they are wrong.
What are the ways to purchase auction houses with no cash out of pocket and without bank financing?