Buying HUD homes
i am wondering, is there a way to buy HOD homes any other way then waiting for them to open for investors ? i keep finding deals and on the first day they become available for investor bids they are under contract, and i keep missing out. anything thing will help thanks Jason
Are you looking at Hudhomestore.com? That will show you when they will accept bids, usually after the owner occupant period is over they accept bids every day until they get the price they are looking for. Find a realtor/broker that can make HUD bids and let them know what you want to bid. It is very easy for them to make the bid online and takes less than 5 min.
I do have a broker, and i have bought a HUD house back in January, it just seems that all the HUD homes seem to be selling before it comes open to investors. i do not want to do anything wrong or shady as i want to be in this business for many many years, i am just wondering if there is a way around the owner occupant bid period ? and yes i am using hudhomestore.com Thanks Jason
Oh and one more question, on the HUD home store. what dose it mean when it says the bid is a Lottery ? thanks
There is no way to get around the owner occupant period for an investor. The lottery period is not open for investors either as it is the period for select properties only open to Government organizations and non profits
Ok. I was reading something about a lottery property being a Uninsurable loan for that house. Every heard anything like that ?
can you still get a HUD home under the FHA 203k loan?
Yes you can, but it must be your primary residents. as a investor you need cash or conventional. at lest that is how i understand it.