HUD - Posted by Glenn NY

Real Estate Investing
#1

Posted by Glenn NY on April 13, 2002 at 09:03:57:

Thanks, there is hope. I check the HUD site frequently. I’ve been looking for people in this area to talk with, Orange county. If your near or know of a group here let me know. I’ve got more questions than I know what to do with. Newbie! Thanks again.

Glenn

#2

HUD - Posted by Glenn NY

Posted by Glenn NY on April 12, 2002 at 18:07:38:

I was out beatin’ the bushes and came across a HUD property that has a listing price that’s ok for a home owner but needs to be adjusted down to creat a reasonable profit margin. 20% below market after all repairs.

Can HUD properties be negotiated down?

Will I be restricted by a minimum ownership time?

If you have any dealings with HUD and wouldn’t mind throwing me some insight I’m all ears.

Thanks,

Glenn

#3

Re: HUD - Posted by Bill (NY)

Posted by Bill (NY) on April 13, 2002 at 07:46:01:

Hey Glen

I’m dealing with an agent in my area now who e-mails me HUD lists every Wensday. The listing price is always shown, as is the address. Most properties sell quickly to people who look to live in them and they are given first shot. A few properties stay listed for a while and are usually real fixer-uppers. These same properties drop in price quickly. If you see one you like, I would throw them a number with your estimated cost of repairs. You might get lucky. Also, HUD properties are listed on a web site some where with their original list price and the sale price. I forget the site, they contract that stuff out, but take a look at HUD’s site or do a search on lycos (my favorite). My agent told me proof of funds would needed along with any offer I made.

Good luck