I am in the process now. I thought for example, I get approved for say 100k, and I purchase a HUD for 50k, I could get 50k at the closing and use that money to do the repairs, but I was told I can't do that.
When do you need to close? What's the estimate cost of the repair? It is all depends. If you could tell me exactly what you are trying to do I can help you out. I really don't think you gave out enough info for me to assess your situation. It all depends on your income, credit, property, purhcase price, repair cost, and all the other vairables.
Yeah Uncle Sam isn't your average everyday homeowner. I don't know how it is in GA., but when you submit a bid on a HUD property in Fla., you are supposed be send the contract and a pre-approval letter with lender/broker letterhead to ATL within 48 hours of winning the bid.
Escrow money is $500 for properties sold under $50k and $1k for property over $50k. Escrow is non-refundable if you can't secure financing, you should make sure you have the financing in place for future reference, or risk losing your $1,000, heads up to all who didn't know... who reside in Fla.
Did you already get approved for fianancing to purchase it?
I am in the process now. I thought for example, I get approved for say 100k, and I purchase a HUD for 50k, I could get 50k at the closing and use that money to do the repairs, but I was told I can't do that.
When do you need to close? What's the estimate cost of the repair? It is all depends. If you could tell me exactly what you are trying to do I can help you out. I really don't think you gave out enough info for me to assess your situation. It all depends on your income, credit, property, purhcase price, repair cost, and all the other vairables.
UUUUUUUhhh i dunno if your trying to do cash at close that might be kind of tough with HUD. You have to demonstrate repairs.
Yeah Uncle Sam isn't your average everyday homeowner. I don't know how it is in GA., but when you submit a bid on a HUD property in Fla., you are supposed be send the contract and a pre-approval letter with lender/broker letterhead to ATL within 48 hours of winning the bid.
Escrow money is $500 for properties sold under $50k and $1k for property over $50k. Escrow is non-refundable if you can't secure financing, you should make sure you have the financing in place for future reference, or risk losing your $1,000, heads up to all who didn't know... who reside in Fla.
GL on that,
[addsig]