Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago,

User Stats

55
Posts
20
Votes
Michael Fundaro
  • Structures Engineer
  • West Hartford, CT
20
Votes |
55
Posts

How to Acquire a HUD Owned House

Michael Fundaro
  • Structures Engineer
  • West Hartford, CT
Posted

Hi All,

I found a lead that I'm thinking about wholesaling, and I don't know if it will be a good deal or not until I know what I can get it for... The property is foreclosed and HUD owned. I took a Rich Dad webinar a while ago on wholesaling bank owned foreclosures. They were talking about pulling the mortgage info prior to foreclosure, using an amortization chart to calculate the profit the bank made in interest during the ownership, and subtracting that profit from the list price to get your starting offer. That strategy applies when the property is bank owned, so my question is: could that apply to a HUD owned property?

In this situation, the owners bought the property in 2002, foreclosed in 2013. The assessors site says the bank purchased "in lieu of" foreclosure, and then it was sold again in 2014 to HUD.

Can you guys explain to me how HUD properties work? How can they be purchased? should I stay away? Stuff like that... Also if someone could shed some light on what "in lieu of" means foreclosure process? Does that just mean the bank bought it?

Thanks!!

Loading replies...