HUD homes

Flipped out · #1 08-03-2007, 11:22 PM

To bid on a HUD home, you will likely have to work with a HUD-certified real estate agent.

You can find lots of HUD homes for sale here.

One of the advantages of this is that since the house is being sold through a broker or through HUD, chances are you can get inside. Many houses at auction are not accessible.

There are negatives also, though.

The pros attend the courthouse auctions. You have to be ever so vigilant when competing with them.

You can attend courthouse auctions on the day the property is auctioned. You can also wait until after the auction and beat the high bid. Each new bid must exceed the former bid by 5 percent. The property closes when there are no upset bids for 10 straight days.

There is another negative to flipping a HUD house for profit. You don’t get first dibs at auction. The first 10 days of the auction period are reserved for people shopping for their primary residence.

beangel40 · #2 08-13-2007, 09:16 AM

would you be buying the HUD home for presonal use or for turning it to a hud approved home again for use of profit for one self?

Lady Flipper · #3 08-13-2007, 04:20 PM

Well, that depends on what you want to do.

If you buy for personal use of course the chances that you will get it are better since the first ten days of bidding are only for that.

If you are buying to re-sell, you have to pick one of the left-overs.

Most likely these need a lot of work the average house buyer doesn't want to perform. So you really need to know what you are doing if you go that route. If you do all your homework, it can be a great way to get a bargain for either the home buyer or the re-seller.

beangel40 · #4 08-14-2007, 07:04 PM

Thank you so much for your quick reply to my question But i have to wonder how do HUD homes come on the market and why are they in bad shape i would think if they were hud approved they would be in pretty good shape beacuse they have to meet so many codes. or are the owners just done dealing with some of the people who rent them

Lady Flipper · #5 08-14-2007, 08:11 PM

These homes are reposessed and auctioned off as is by the government.

beangel40 · #6 08-30-2007, 10:40 PM

Almost everybody has a dream home. A place they like to wander through in their thoughts, choosing imaginary wallpaper and putting in imaginary skylights. But for too many people, dream homes remain just that–dreams. The reality of owning their own home never seems to become theirs.

read the rest here http://www.pueblo.gsa.gov/cic_text/h.../sfhhomeb.html

i hope this site answers some of the questions any one might have about HUD home ownership

aceswild · #7 10-08-2007, 03:02 AM

I've considered buying one as a starter home to rent out. There are not many hud homes available in my area. The two that I did look at were in terrible locations and would need more work than what it was actually worth. The previous owners had nearly destroyed it.

Elizabeth26 · #8 10-08-2007, 05:30 AM

I know that the homes that HUD have on the market for 6 months are auction off for $1.Do you have to an organization to get the home for a dollar?

bartongrl1 · #9 10-09-2007, 05:23 PM

I have done some research on Hud homes but have not seen them advertised for $1. Can you tell me where you got this information, please? Thank you.

aceswild · #10 11-19-2007, 10:44 AM

I found something about that one the HUD website. It's interesting but I'm curious as to some of the locations.

http://www.hud.gov/offices/hsg/sfh/r...n/dhmabout.cfm

Quote:

HUD's Dollar Homes initiative helps local governments to foster housing opportunities for low to moderate income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each.