Posted by Mike on June 22, 2001 at 18:33:23:
William,
Check out the hud.gov page and you will see that for investors HUD requires $500 deposit for a purchase of $49,999 or less and $1,000 for $50,000 or more.
Your offer can be contingent on financing but be careful there may be a chance you could still lose the deposit.
Good luck,
HELP - Posted by WILLIAM R RUIZ
Posted by WILLIAM R RUIZ on June 22, 2001 at 16:23:31:
WELL I HAVE BEEN READING THIS AT HOME COURSE FOR TWO MONTHS NOW. AND THINGS ARE SINKING IN, I HAVE BEEN LOOKING AT THIS HUD HOME, NOW IT SAYS THE BID IS $41,000 I THINK I CAN GET IT FOR $34,000 TO $38,000 I DONT KNOW THE AFTER REPAIR VALUE BECAUSE IT IS BOARDED UP I HAVENT EVEN SPOKE TO A HUD REALTOR YET TO BID ON IT BUT I DO KNOW THE HOUSE RIGHT NEXT TO IT IS WORTH $84,000 THE ONLY DIFFERENCE IS IT HAS A TWO CAR GARAGE I HEARD THE EARNEST DEPOSIT MONEY HAD TO BE $1,000 DOLLARS IS THAT TRUE NOW IS CREDIT AN ISSUE FOR HUD HOUSES I RECENTLY BOUGHT A HOUSE A YEAR AGO BUT SINCE THEN MY CREDIT WENT FROM GREAT TO VERY POOR THIS COULD POSSIBLY BE MY FIRST DEAL AND A STEP TOWARDS A MUCH BETTER LIFE BY THE WAY I LIVE IN THE CAPE CORAL FL AREA ANY PRIVATE LENDERS WANT TO GET PAID AND HELP ME AT THE SAME TIME I HAVE A GREAT MIND FOR REAL ESTATE THAT NEEDS MOLDING
THANK YOU
WILLIAM R RUIZ
(941) 242-9897
RUIZ230@CS.COM
Lose the CAPS Wm… - Posted by dewCO
Posted by dewCO on June 22, 2001 at 18:02:18:
and find the paragraph, period and question mark keys!!! It’s too hard to READ!!!
Yes, credit matters on a HUD if you aren’t buying with all cash. You need to qualify for a new loan. You always need to know or have a good idea of the after repaired value. If the house right next door is pretty much exactly the same except for the garage, then reduce the value of your subject by that amount. That is pretty easy. The question you don’t know the answer to is how much will it cost to fix it up. And yes, most sellers want earnest money. HUD won’t be negotiable, others might be.