Guess Whose HUD Bid Got Accepted!!!!!!
I am so happy, I thought I would never get going on this. I got it for a good deal too. The comps in the area are running at 115-120,000. I got it at 84,901. The house is in great shape. It just needs painting, insulation in the attic, a new water heater, and plaster along the side door wall, and the basement stairs fixed. I plan on getting this work done and putting it right back on the market.
I am so excited
quinn 
quinn,
I can see the headlines now:
Quinn - Trump build HUD towers.
Go get um young un.
John $Cash$ Locke
Congrats! Let us know how things work out when offers start coming in. Definatly work to get the property fixed up and back on the market ASAP. You will have about $420/mo in just interest expense on your mortgage. You also have property tax, insurance, utilities, etc. This could eat you alive if you don't move quickly.
GOOD LUCK. I think you have a decent deal!
Contratulations !!
What was the list price, and how did you develop your bid price? Inquiring minds, you know.
The list price was 80,000. My agent told me that when HUD considers bids, they want to net close or at their listing price. We factored in the realtors commision and what would put us at the listing price. Normally I wouldn't offer listing price but after looking at the property and seeing that there was absolutely no damage, we knew there would be other bidders. To make sure we got it, my agent added $1 to the end of the bid just in case.
quinn
FIX AND FLIP AWAY!!!!!!!!!!!!!!!!!
Congratulations.... Dave
I am not sure but reading from other similar threads it seems like one is not able to sell back a HUD REO house not untill a year ? is this true ? I am referring to this thread
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=29227&forum=18
There is a big difference between HUD not being willing to do a simultaneous close (flipping in the birddog sense) and not being able to sell for a year... (flipping in the "fix it up and sell it" sense.) Sometimes I fear that people get the two confused.
Also - the "you have to live in it for a year" is ONLY if you buy it as OWNER OCCUPIED. If you wait until anyone can bid on it, then you can do what you please.
Jeff[ Edited by jblackwell on Date 08/07/2004 ]
Wonderful!
You are now a successful real estate entrepreneur!
[addsig]
I believe you have to hold a house for 90 days before you can sell to a buyer using FHA financing.
Quinn:
Congratulations!! Try to find a HUD Certified Broker that you can pay $500
or $1k as their commission that way the net to HUD is higher. You will be a lot more competitive bidding this way. If you look hard-enough, you will find one.
HUD use to be a great source of deals. However in recent times, everyone is bidding on HUD homes. Sometimes if you keep bidding you will land a deal like you did.
Best Riches,
Jeff Adam
[addsig]
thanks for the info, so if I have my own bank financing HUD should not have a problem of me selling the house. Now all I need to do is find one
Most of the HUD bids are way over FMV so that makes it impossible to find a deal.
What city is this deal in that you locked up?
It's in Redford. However, it may be back on the HUD listing again.
quinn