HUD Housing - Posted by Scott Pendergraft

Posted by Dave T on October 19, 2000 at 23:34:40:

If you win the bid on a HUD property, you are expected to pay your bid price in cash. HUD will deliver clear title, meaning that the property will not have someone else’s cebt attached.

However, to get the cash for your purchase, you may need to get your own financing.

HUD Housing - Posted by Scott Pendergraft

Posted by Scott Pendergraft on October 19, 2000 at 23:24:03:

Hey Everyone,

I am a newbie in real estate, So forgive me if this is a stupid question. I am still learning so bare with me. I have found a hud foreclosure. There is a mogage out on it for $75,000. So if I buy the house does the debt belong to me. Or do they forgive it. I really dont want to buy it if that is the case.

Thanks, Scott

Re: HUD Housing - Posted by GeorgeF

Posted by GeorgeF on October 23, 2000 at 10:46:18:

Note certain groups, police and school teachers, get 50% off on hud foreclosures. This means that you are bidding against people who can pay more that market value and still get a ‘deal’.