FHA Property - Trying To Buy.

Looking for advice on buying a house from FHA.

The house has already gone through an auction about 1 year ago and nobody bought it.

Their selling price is very high, about 100k too high.

The house needs plenty of work.

Anyone ever buy a property from FHA?

Any tips? or Advice?

Are they hard to work with?

Are they firm in their prices?

Thanks

Comments(4)

  • bargain763rd August, 2005

    All you have to do is convince a Realtor that you will be giving him lots of business when you sell the houses after you rehab them.

    He or she will be happy to pull comps for you.
    [addsig]

  • honamos4th August, 2005

    A lot of investors are also RE Agents. Try to find a local group that you could join.
    [addsig]

  • happyhome4th August, 2005

    http://www.domania.com/homepricecheck/index.jsp

  • paul71424th August, 2005

    http:// realestate. yahoo. com /re/ homevalues/
    (w/o spaces)
    This is what I use. Find a handfull of properties closest in profile (br/ba, sqft, year built, etc.) and average it. This is what most people use as far as determining FMA even appraisers.[ Edited by paul714 on Date 08/24/2005 ]

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