REO Discount, Beating HUD To Make A Profit?
There is a REO property I'm making an offer on in Los Angeles. Currently, it's owned by Chase and has not been turned over to HUD yet (an FHA loan for $132,914 taken out in 2001). The bank got it back for $144K a couple months ago and I'd like to make them an offer that would be better than them turning it over to HUD. It seems as though the ARV is only $170K so I'm not sure if there is enough of a spread here to make a profit with 10K in repairs. Any suggestions on getting the bank to accept my offer over HUDs? Thanks!
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