Posted by Jeff on January 04, 2003 at 20:39:11:
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Dealing with HUD homes… - Posted by jeff
Posted by jeff on January 04, 2003 at 18:18:51:
I’m a beginning investor and I was hoping maybe someone could help me out. I’ve been looking around for foreclosures and motivated sellers, and I came across a foreclosure, and the house was owned by HUD. There are also two brokers listed on the AD. How would I go about getting information and/or making an offer on the property. All help is appreciated.
Re: Dealing with HUD homes… - Posted by Bruce Barilar
Posted by Bruce Barilar on January 04, 2003 at 19:47:18:
Jeff, You can go to http://paris.towerauction.net and just choose your stste, etc. You can use any broker that understands the process for selling HUD homes. If the broker is advertising a HUD home for sale, they may be a good choice since they probably know the drill. You will also need a preapproval letter when submitting HUD bids.
As with any purchase, YOU MAKE YOUR $ WHEN YOU BUY, so make sure you know your area FMV’s inside and out before buying. DO an estimate for any repairs, and a bigger fudge factor when you do your first one. Also, know what your EXIT strategy will be. Take a flsahlight with you when you go, just in case utilities are not turned on.
Good Luck, Bruce