Posted by Carol on January 27, 1999 at 07:28:43:
And be sure to ask the broker you contact HOW MANY HUD bids they have won recently… some folks really know how to work them, and others are just ‘HUD approved’.
I have a broker here who does just about NOTHING but HUD and we seldom miss on a property when we bid.
BTW we have several that we’ve picked up and when we do they’re generally really good ones.
Carol
WHAT ABOUT HUD’S? - Posted by Robert
Posted by Robert on January 26, 1999 at 19:35:03:
I was wondering if someone could give me a quick crash course on how HUD works. Do you have to have cash down or all cash? How does the bid process work? Can you do flips on a HUD? I know sometimes the houses have to be owner occupied but I think if it has been on the market a long time you can purchase non owner occupied. ( I have seen them listed not having to be owner occupied and seems to me they are the ones that have been up for sale for a long time) Is this correct? Is this something Rehabers do no want to mess with or do they welcome it? Any info would be much appreciated or a web site that will give info. Thank you. I love this site!
Re: WHAT ABOUT HUD’S? - Posted by Rob FL
Posted by Rob FL on January 26, 1999 at 21:04:28:
You can do flips (actually double closes) on HUD’s and investors/rehabbers can buy them also. You really need to contact your local HUD office or a HUD approved broker about the details because every area of the country is different. Here in Central Florida, it is a sealed bid auction. And properties are first offered to owner occupants and later on to investors. But in some areas of the country they just have an open public auction and other rules.