Elizabeth,
Buying a HUD home for your main home is a good idea if you are willing to fix it up. 99.9% of HUD home have serious problems (replace roof, missing plumbing fixtures, update power panel, etc.). When you look at a HUD listing, it tells you the asking price, which is initially around market value. How long HUD has had the property on their books determines how flexible they are in pricing.
To gain more insight into HUD homes, go to their website, www.hud.gov
I’m young and have great credit and I have a husband who is a very skilled
Make-Ready capable of refurbs.
While we are young and are renting at a discounted rate due to my husband’s
job we’d like to use that positive credit line to buy a HUD home, invest
minimally in fixing it up and sell it. We do not want to hassle with rentals at
the moment because we’d like to buy our own home in a year or so.
Is this a good idea? How do I ensure I will be able to sell the home fast
enough to profit off of it? How do I pick a broker? HOw do I ensure I’m
getting a good deal on the house and that cosmetics will be enough to profit?
Any help or feedback in regards to the HUD Home experience and making it
succcessfull would be great.
I’ve not had many good experiences with HUD homes. Check out HUD’s rules regarding the resale after you purchase if you are considering a quick sale. Also, as JN indicated, many of them have considerable damage. HUD is not, by nature, a motivated enough seller for me.