Re: Hud Home Bids - Landlord Forum thread

Re: Hud Home Bids by Kathy (Oregon) on November 2, 2009 @15:44

I'm a realtor in Oregon and just recently did a HUD bid for a client here in Oregon and we won the bid. It is a lot of paperwork and it took me one entire day just to get through it all. It's a lot of work but they pay the buyer's agent a decent commission. I agree with you, cash is King just for this reason. Let me know if I can help you further or find a HUD realtor in your area to help you. My guess is you are bidding too low. The HUD properties here are already a good deal so unless you are willing to go at least 90% of the list price, you probably won't get it. We went 95% and beat out the other bidder because the home is worth it. HUD also contributes up to 3% in closing cost. Good luck.

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Re: Hud Home Bids by Joe (SC) on November 2, 2009 @16:08	[ Reply ]
Kathy, thanks for your message, as I mentioned to Ultimate M-Bone, I have been overbidding the price significantly (not just 90-95% of the asking price) but serious overbidding by 7-8K; let me know your thoughts and any HUD realtors you might suggest in the SC, NC, and GA area, Thanks

Re: Hud Home Bids by Kathy (Oregon) on November 2, 2009 @23:11	[ Reply ]
I'll see if I can find any Prudential brokers that do HUD properties. Be careful overbidding because the property still has to appraise at that amount if it's a loan.