Bidding On A HUD Home In Georgia
Need experience HUD advice.
I need to find a qualified HUD buyers agent, that will submit my bid, and follow the process through, to completion for 3% or less. Has anyone had luck with this? and is it reasonable?
cycledog
I tried to buy a HUD Condo. The agent gave me bad advice on how much to bid. The condo sold for $78K in 2003. Now it is worth $250,000.
when you go into the hud list for your state....click on any of the listings...when the picture appears, it will have a list of pre qualified brokers for your area including offices and phone numbers, right under the picture...regards, CWal
Thanks guys, I ask someone who had lost a bid, due to bad broker/agent. The Broker fell asleep on the job and failed to turn in the paperwork on her winning bid. She was passed up for the second place bidder. She saw who the winning broker was and asked hud about it. HUD told her to use an experienced HUD broker and she will not have that problem.. I called that broker and it was very informative. I lost the house due to the hard line the first agent was drawing.
I personally buy and sell HUD home and use a great Realtor for the whole trasaction. Contact me for his personal information... Cheers to your success
Hi BigDog:
I have purchased hundreds of HUD Homes. All Hud cares about is their Net. So find a broker that will take a flat free of $500.00 and bid for you so that you are competitive. If you are in the right market, you will be very successful doing this. Back in the day I use to purchase a lot of houses at the Hud auctions. I believe they will be returning soon - hopefully.
ALso, get on the internet, the fastest way to find motivated sellers.
Best Riches,
JeffAdams,
Thanks for the tip. Got any other tips that might help me. Acceptable bids percentages reduced daily, etc.
Thanks for the Best Riches
Chris,
Do you think I would be able to get a Real Estate agent to handle my bid for $500. as was suggested earlier in the post.
Cycledog[ Edited by cycledog on Date 06/07/2007 ]
Big Dog:
Chris is right on about the 86% rule. The only exception is when they are trying to unload in a "Revitilization" area (war zone) I have seen them dump stuff at 30% of market value...
Another great couple of sources are:
-MLS First Day Out
-Craigslist
And of course having huge internet presence which can be accomplished by implementing a Google Adword Campaign. I generate over 1000 leads a month by doing this.
Best Riches,
Jeff Adams
Big Dog:
Chris is right on about the 86% rule. The only exception is when they are trying to unload in a "Revitilization" area (war zone) I have seen them dump stuff at 30% of market value...
Another great couple of sources are:
-MLS First Day Out
-Craigslist
And of course having huge internet presence which can be accomplished by implementing a Google Adword Campaign. I generate over 1000 leads a month by doing this.
Best Riches,
Jeff Adams
Jeff, Is MLS first day out the new listings for MLS.
On the Revitilization areas are the listing at 30% or are the accepting 30%.
Thanks Cycledog
Quote:
On 2007-06-07 21:57, JeffAdams wrote:
Big Dog:
Chris is right on about the 86% rule. The only exception is when they are trying to unload in a "Revitilization" area (war zone) I have seen them dump stuff at 30% of market value...
Another great couple of sources are:
-MLS First Day Out
-Craigslist
And of course having huge internet presence which can be accomplished by implementing a Google Adword Campaign. I generate over 1000 leads a month by doing this.
Best Riches,
Jeff Adams
Chris, I heard: When HUD reduces prices it is on Fridays.
The appraisal was much lower than what the property was actually worth. My point is you cannot go the Hud Appraisal, you have to run your own comps as a lot of times Huds appraisals are not correct. Too low or too high.
Best Riches,
Jeff Adams
Jeff.
Thanks for the information. Can you make money starting a non-profit, with large salaries?
Cycledog
cycle dog,
I know nothing about starting a non-profit organization as I have never owned one.
Good Luck with your real estate investing adventures.
Jeff Adams[ Edited by JeffAdams on Date 06/17/2007 ]
What about getting a co-signer, or investor to partner with you that has good income and credit?
Sharing a good deal is often better then no deal.
Looks like a good rate, 7.8%. I didnt realize they did 50yr mortgages? is that correct? You can easily qualify for a lot of things with a 50 yr..
Looks like you will be jumping in feet first. I still dont see why you are buying both as a first property, and its out of state, but good luck. Seems like the price is good and with 25% down, you should be able to cash flow.
Where are the properties? In the upstate area? (Albany) What are the rents?
They are in Syracuse, NY. Turnkey ops.
The rents are from $425 and up to $700.