Hi,
Time is short for this question. Does anyone have experience and could provide some times on a HUD home purchase. Most people know that HUD has a bidding process for homes which seems to encourage developers. But, before homes go on the auction block, they are offered to homeowners who commit to live in the house for at least a year. This is where we are now. If we bid, we needs to be submitted on Friday, the 29th.
The house, for many people, is located in the most desirable neighborhood in our town. It is in fairly good shape but will require perhaps another $50K+ to get it back to a home of its character. Perhaps 1/2 amount to make it livable. Given the asking price, a $50K investment would offer room for a nice profit, using today's market conditions as a guide.
My question is do you have any experience with a HUD bid, especially owner purchase? Anything we may need to be aware? Any knowledge of the bidding process, especially in terms of strategy, etc.
As always, thanks for taking the time to provide your suggestions. Also, feel free to ask questions.
Time is short for this question. Does anyone have experience and could provide some times on a HUD home purchase. Most people know that HUD has a bidding process for homes which seems to encourage developers. But, before homes go on the auction block, they are offered to homeowners who commit to live in the house for at least a year. This is where we are now. If we bid, we needs to be submitted on Friday, the 29th.
The house, for many people, is located in the most desirable neighborhood in our town. It is in fairly good shape but will require perhaps another $50K+ to get it back to a home of its character. Perhaps 1/2 amount to make it livable. Given the asking price, a $50K investment would offer room for a nice profit, using today's market conditions as a guide.
My question is do you have any experience with a HUD bid, especially owner purchase? Anything we may need to be aware? Any knowledge of the bidding process, especially in terms of strategy, etc.
As always, thanks for taking the time to provide your suggestions. Also, feel free to ask questions.