NEED MAJOR ADVICE On HUD repos - Posted by Mo-Calif

Posted by Rob Ricker on July 17, 2006 at 23:13:29:

they just give preference to owner occupant bids. Also, HUD limits you to 1 owner occupied HUD home purchase per year. You can bid as an investor ALL DAY EVERY DAY. What can get you introuble is lying (fraud), not investing.

NEED MAJOR ADVICE On HUD repos - Posted by Mo-Calif

Posted by Mo-Calif on July 17, 2006 at 14:32:35:

I wanted to know if any of you buy your repos this way once it is open for bids?
I foudn it on the HUD Gov website.

I am going to look at the property today it is local.

It said the asking price is 127K

This is very low for our area for any house.
It was built in 1991 and I know the neighborhood it is decent.
So how does this work you put in an offer with the realtor that Hud has taking care of it?

Can you use your own Realtor?

Do they usually go for more then the asking price or is it possible to go lower?

Just wondering what to expect if I made an offer for less.
Do you think they look at all ofers.

Any advice is appreciated regarding these kinds of deals.
Thank you, Mo

Re: NEED MAJOR ADVICE On HUD repos - Posted by Tim

Posted by Tim on July 18, 2006 at 10:09:52:

You can use any realtor that is registered with HUD, and you can make any offer you want. In my area they list with an exclusive time period for owner occupants, after a week they let anyone bid. If the house doesn’t sell in a month or so they reduce the price & repeat the process. I have made offers on homes that were rejected as being too low, and then months later bought the house for less than what my original offer was after it was repeatedly reduced because they didn’t get any “acceptable” offers. It’s a government program so they do it their way even if it doesn’t make sense. They do have a $250k fine for fraud, make sure you specify that you are an investor.

Re: NEED MAJOR ADVICE On HUD repos - Posted by ski

Posted by ski on July 17, 2006 at 19:52:47:

HUD requires you to be the buyer/occupant for at least 1 year. (as told me by a HUD investigator) If you buy it as an investment property and do not occupy it for the given time period you are liable for a fine of 250k and 3 yrs in the big house. Rarely happens but are you willing to spend the MARTHA days??

owner occupant for 10 days .then all bidders - Posted by Randycp

Posted by Randycp on July 18, 2006 at 18:57:01:

In my area Thursday is the list day. Open to owner occupant only for ten days(Monday week), then open for all bidders.