Posted by Rob FL on January 31, 2001 at 16:35:54:
I’m not exactly sure what state you are in, but there are specific guidelines for turning utilities on during inspections. You can read all about it on their website. Start at www.hud.gov and follow the links from there.
HUD Repo’s/Advice appreciated… - Posted by Brandon Treat
Posted by Brandon Treat on January 31, 2001 at 14:12:02:
Hello everybody, it’s been a while since I last posted on this great board, due to reasons I’m not in a hurry to explain… At any rate, where I’m at now is looking for some real low priced property that I might be able to rehab and resell, I looked at three HUD reposessed properties this morning and while two of them seem like they might be decent opportunities, I have questions. One is that the realtor who showed them to me said that with HUD it works only one way, the way they like it, and that is fast offer, fast purchase, fast close, the thing is, she also says they are always sold in an ‘as is’ form. Since they are repo’d properties the utilities are off and theoretically I wouldn’t be able to test out the electric or plumbing until after I bought them, does anyone have any suggestions on ensuring I don’t have multi thousand dollar professionally needed repairs and operations done to these places before I put in offers?
Sorry I’ve been gone so long, thanx for reading,
Brandon Treat
KRONO
Re: HUD Repo’s/Advice appreciated… - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on February 01, 2001 at 06:37:24:
Back when there were bargains to be found on the HUD list here in Atlanta, I bought one or two. I recall that HUD performed a complete inspection with the utilities on before winterizing the homes. The broker I was dealing with just so happened to be in the same company as the property manager for HUD. He could get me the reports. The reports were very meticulous and complete. Down to the broken handle on the toilet kind of thing.
They may or may not do that in your area. It was about 3 years ago when I last dealt with HUD. They have gone through several changes in the way that they sell properties since then.
Re: HUD Repo’s/Advice appreciated… - Posted by Randy J
Posted by Randy J on February 01, 2001 at 24:06:58:
I am the Broad listing broker for all HUD homes in the state of colorado. In order to get an inspestion that includes power and water, you must have the accepted bid. If there is a problem you can get out of the contract with your earnest money if owner occ, but you will lose the E.M. for any failure to close if purchasing as an investor.
If anyone needs help with huds in colorado or other states I can help.
Randy J