Help need in analysing accepted bid from HUD

[Yee Yonfai]

Hey guys, i'll need a advise on whether or not to go ahead with this deal:

4bed/3baths, 5 Acre lot.

HUD Insured escrow & approves FHA finance. I assume condition of house is not that bad, i am not able to inspect the house personally.

I'm thinking of selling @ $70000

Tax Assessed value: $ 138,610

Similar Comps: $90-130k

This property is at a rural area & average days on market are much higher than 90 days.

http://www.zillow.com/homedetails/1307-Drake-Rd-Elberton-GA-30635/105245506_zpid/

My question is what price would it be to be attractive for non-conventional loan buyers?

I Plan to use back-back closing & sell it within 30 days, or go for hardmoney lending for fix & flip.

Should i proceed with this deal or drop it?

Please advice, Thank you

[Jon Holdman]

@Chris Martin if I understand @Yee Yonfai correctly, he is the one with the winning bid. He made the bid, presumably through some broker, HUD accepted and now he has to decide whether to get the EM and package back to HUD or not.

Can you even do a back to back close on a HUD? The only way I've seen HUDs wholesaled is by buying then property with an LLC and then selling the LLC. I thought they had some sort of restrictions on quickly reselling the property. But I long ago gave up on dealing with HUD, so perhaps I'm mis-remembering this.

Tax assessments are irrelevant to values. They're for generating taxes.

A range of $90K to $130K for comps is so wide as to be meaningless. Without a real value you have no idea what someone might pay.

The property looks in good shape, though it is missing flooring in some rooms. But when were those pictures taken? What does it really look like right now? For all your know, it could be trashed.

IMHO you have no data to make a decision. You don't know what its worth. You don't know what it will take to fix it up. So you have no choice but to let this drop.