HUDs In Massachusetts
I know all states are different, but does anyone know the situation with HUDs in mass? I got a property i want, but its a HUD.
Eric
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"Luck, is when preparation meets opportunity."[ Edited by Birddog1 on Date 12/04/2003 ]
It's my understanding that HUD homes are one situation where a Real Estate Agent or REALTOR must be involved, so I would recommend finding one to help you buy this property. Make them earn their commission, and ask them all of the questions you can think of.
Good Luck,
Jeff
But as far as flipping goes, is there a restriction? or can i go about as i normally would?
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It is my understanding that the HUD contract prohibits assigning the contract. Owner occupants have first priority. Lets say that there are two parties interested in the same property. The property is listed at 100K. Party #1 is an owner occupant and bids 95K. Party #2 is an investor and bids 98K. If 95K is an acceptable offfer to HUD, Party #1 gets the property. It's also my understanding that HUD will not accept bids from anything but perspective owner occupants for the first week or two.
If you try to be slick, and bid as an owner occupant, get the property, and then put a for sale sign up as soon as the original one is removed, and HUD finds out about it, you will have to live in the house at least 1 year prior to selling it, or face charges. Rightly so, You've committed fraud.
Hope this helps,
Jeff
Erid,
I am a mortgage originator and have contacts with Realtors, attorneys who are familiar with this process. They will alos be able to show savings along the way. I also specialize in non owner occupied loans
The HUD as been there with out an occupant for years. I was planning on buying it, fixing it up, holdin on to it until its fixed (it needs a lot of work) then reselling it.
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