All Forum Posts by: Nathan Paisley

There are a few ways to purchase Huds. What are your intentions? Buy n hold or flip? I haven't financed through hud before sorry. But I would call all the listing agents in the state and ask them how many have they closed on and how they were closed. My experience with theses agents is... They suck.  Most agents are lazy. So finding a good one that hustles is key. My brothers my agent ;)

As a matter of fact, you'll get buyers and sellers from this list.

absentee owner

Hi Anthony! Always nice to see a fellow new jerzian ;) ready to take the leap! Listen to the podcasts, read, search, ask questions and most important take action! My brother and I are from Atlantic county right outside Atlantic city. If I can help with anything hit me up!

Great! Good luck!

None personally but have you called your title company and asked them? Have his title company write the hud and send over the docs needed to your title co. May take longer though. Don't sweat it though they will work with you. They all want to get paid too.

Ps. Huds are FHA foreclosed homes. These are in as-is condition. They also maintain the property. Mow lawns fix locks and winterize the property. Basically it's a free n clear with little limitations on purchase/resale. There are little secrets to getting your number or close to it ;)

Call your title company and ask them! Lol tell them to contact the other title company and TELL them to MAKE it happen! You'll probably have additional fees. Do whatever it takes to sell the deal!

Go to hudhomestore.com bid as an investor and close with cash or flip it the next day. You're bidding against an algorithm not a human. You can bid once every 24hrs on the same house till you get a counter or someone else won the bid. You only get one counter and you can't counter back. The entire process resets at midnight. 

If your bid is below $49,999 then you only pay a $500 deposit. If your bid is over that you pay 1% of asking price up to $2,000. Once you win the bid you have 48hrs to turn your package in with money order. You need a realtor/broker that has an NID number to bid, so not every realtor/broker can bid. But they can get one easily. Once you're package is received it takes about 5 days for them to confirm everything's in order and then you have 30 days from that point to close with cash. 

You can also extend your time 15 extra days with $250 additional funds. You can do this twice only. After that you have to close or back out. This will piss off asset managers and anyone else involved. Don't waste people's time.

Hope this helps.

Nathan

If you don't have buyers get them! There are 30 different ways to find them. Getting the deal first is great too. As long as it's a deal. Let's start with this. Do you have a title company that will do assignments and double closings? If not get one! lol just cold call all of them in your state. The good ones can close almost anywhere. 

You can tell the seller that you can close in as little as 14 days or sooner depending on whether title is clear or not but you have in your contract that you have up to 90 day's to close. That way if there are liens, structural or family issues you have time to take care of them. 

Yes real cash buying investors can close in day's. 

Title can be run in hours but a typical search takes a day or two depending on how fast the title company works.

I give you props for asking these questions... It's not easy putting yourself out there. Have you done your marketing yet? What kind of marketing? Do not be afraid to fail.

"Wanting something is not enough. You must hunger for it. Your motivation must be absolutely compelling in order to overcome the obstacles that will invariably come your way.

-Les Brown