How to find Hud Deals

Question

Looking to purchase a HUD for potential BRRR.  I have had a difficult time getting in touch with the right people.  I have also looked into acquiring a REO but have had little to no response from banks when I approach them about properties they own.  I have tried the numbers listed for appropriate depts. and so forth with no luck.  I have read that this can be typical.  How do I get around these road blocks and talk to somone who makes deals for bank owned properties.  Thank you for your input and advice--JT Aleman

John Kent · Answer

@Jean-Thierry Aleman Jason is correct www.hudhomestore.com has the most up to date info on HUD properties. The property status is reflected there before the MLS. You can setup a search on the website to receive e-mails each day. Then you will need one of us HUD registered agents to submit your offer to the HUD asset manager.

REO properties are bid on once they are listed in the MLS or on one of the online auction websites. You can also view GSE REO properties on HomeSteps.com and HomePath.com. You will still need an agent to submit an offer for you. I recommend finding a knowledgeable investor friendly buyers agent.

John Rogers · Answer

We are a HUD approved brokerage in Central Florida.

HUD posts new listings on Saturdays... we take all the listings and import them into a "regional" spreadsheet that lists them by county.

A network of investors copies the ones they want to bid onto another spreadsheet that we provide and add their bid amount. They return to me and I make bids on their behalf and track HUD's counterbid adjustment.

Jean-Thierry Aleman · Answer

Thank you,  Jason, Wayne, John A. and John R. for all your input.

I will definitely check out hudhomestore.com

Wayne Brooks · Answer

You're only going to buy REO's, including HUD, after they go on the open market.  You won't be buying any direct that aren't on the market.

Jason Hirko · Answer

@Jean-Thierry Aleman HUD is easy - find the properties on www.hudhomestore.com and then contact a realtor that handles HUD transactions, and they'll make your bid  for you. REOs are harder because every bank has their own process, and unlike 8 years ago, they are not very motivated to unload them.

How to find Hud Deals

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