Help With HUD Home Please.
I would appreciate anyones advice if this is a good deal or not as I am very green to RE.
Here it is: HUD home has been on market for >6months or so. FMV $80,000 Listed for $72000. Needs touch ups inside ( ie. paint, some carpet, and appliances. The homes seems to be in good shape and is brick. Surrounding neighborhood is ok. Need to fix HVAC for around $1500-2000, but that is escrowed.
What should I offer?
How do the broker commisions work since I need one to submit offer?
If I offer $50000 then does the Broker commision go on that or is that included in the $50000.
Thanks for your help!
erpa...the offer includes broker commission...you can also ask for some closing costs to be paid (3-3.5 %)...they say up to 5% but any leftovers go back to hud so there is no sense in asking for more they will just keep it. Brokers should not charge you over 3%...if they try, find another broker...they will form a line at 3%. Also, how many reductions has the property been through...6 months is a long time...normally they will reduce every 30 days...are you sure about the 6 months...what was the original hud listing price...that and the current asking price will determine what you will offer...regards, CWal