Posted by William, Columbus, OH on June 18, 2000 at 14:26:13:
Desmond: Understanding that you are new to this site, I feel it necessary to inform you that your post would be better placed on the “Main News Group”. You can click on it in the yellow column on the left.
This site, “Cash Flow Forum” is for posting info. on notes, land contracts, trust deeds, mortgages, etc.
It is my understanding that HUD will accept bids on properties they’ve advertised via Realtors rather than
ones not yet advertised. Ask your Realtor about this one and they should know. There is a site concerning this type of R.E. and you may wish to explore it for educational purposes. www.forcnews.com Bill Randall is the host and is normally quite helpful when questioned. There are probably others as well.
When you post your inquiry on the “Main News Group” you will get more responses. May you be happy & well.
HUD - Posted by Desmond Tx
Posted by Desmond Tx on June 17, 2000 at 13:55:48:
I know of a house owned by hud that has been sitting for about a year now. I was thinking about writing them an offer/bid but I am fairly new to this. Heres the proerty the way I see it. The list price on it is 40000. Houses in the area have been selling for around the 60’s three homes recently sold on the same street went for 67000, 63500, 69900. I don’t feel that the house that hud owns is worth that much and here is why all the windows have been broken out, Rotten wood deck from where an above ground pool used to sit, lowwer half of garage door is broken, last the house has been tagged. OK other than that house the neighborhood is relatively nice with a lot of new homes going up in the area. The new homes are less than two streets down. My question is would writing hud an offer of half of their list price be ok? This would be my first real estate deal I have already spoken to a mortgage broker about getting a hard money loan his terms were fairly easy to understand. 18% interest and he would only give me a loan with a 65 ltv ratio. So any help would be appreciated about my offer. I plan to let a real estate agent help me but I wasn’t sure if they would look at me as if I am crazy.