buy HUD property with cash vs mortgage

[Konrad Korzeniowski]

Good Mortning all, I am newbie in buying HUD property and would like to get opinion/suggestion/tips from all of you guys,

I am buying a property in connecticut as owner occupant , its 3 family home and I would live in one floor and rent 2 other floors, its a HUD property opening bid for owner occupant, and my question is if I bid cash versus buying with mortgage do I have better change of wining that bid with cash? please help

[Greg H.]

Hud offers no preference to cash vs financing in the owner occupant period. The highest net to HUD bid wins, even if it is $1 more. A few things to keep in mind:

-You will need to use an agent that has a HUD NAID #. Be sure to get an agent and closing company with HUD experience as they have deadlines that are not flexible

-The lowest bid that will be automatically accepted is 88% net to HUD

-Be sure to meet the deadline for Owner occupants as the next day the property is open for investors to bid as well