Purchase of a HUD Property
Good Day All,
I am a beginner in REI and need some advice. I came across a HUD property (RE client portal) that is 3BD 2BA for around $90K. This home is in need of a renovation, so when I run my numbers, I can CF with an offer of $60K. (Appraise for $130K after renovation) I also know that my RE needs to put in the offer. Which need to be in by June 5, 2020
What I want to know is how firm on the list price is HUD? Do I need to get FHA loan to complete the purchase? Do I need to have an FHA per-loan approval, or can I find financing elsewhere later? How much for a down payment, do I need to put in the offer? And many more questions, I am looking for answers to. So, please provide more questions with answers, so I can learn. Thanks for your assistance in learning more about REI and HUD purchases.
C Moore