All Forum Posts by: Deadrick Colbert

I'm in the process of closing on a hud house. I noticed on the county website that they have the property assessed as a 3br, 3ba. This is incorrect. It is actually a 4br, 3ba property. The house is only a few years old and it looks like it has always been assessed wrong under the previous owner. Nothing was ever added on. It just looks like an error that was never fixed. I'm planning on notifying the tax assessor of the mistake. My plan is to live there for at least 2 years while making a few upgrades and then selling it. Are there any pros or cons as to correcting the assessment?

Something else that I noticed is that the tax assessor has always had this property assessed as a 3br, 3ba and that is incorrect. It is a 4br, 3ba. Should I correct it at the assessor's office? Would it increase my taxes?

Of course not, and I don't see any way that would be possible on this house.

@William Hochstedler Thanks for the response. I'm beginning to feel a little better about it.

@Mike Cumbie Yes, I have never heard of hud's appraisal being higher. That would be shocking to me to.

I've never heard of them but I would be careful of anyone or company asking that you put up $ just to get started with them.

First, I would talk to a lender to see if they can prequalify you for a bank loan. If not, then you could try locating a hard money lender in your area. It will be higher interest but much easier to qualify for. They mainly want to know if it's a good deal, and that you have a way to pay them back. You could also try partnering up with someone in your area. Good luck.

I love buying from wholesalers. If it's a good deal for the wholesaler and also a good deal for me, it makes us both happy. My only negative experience has been that some wholesalers vastly miscalculate their ARV and cost of repairs. I've actually walked a property and explained what each item would cost me to repair and had one tell me "yeah, well I just guessed at it."

I'm in the process of purchasing a hud home. I thought I was getting a great deal, however the appraisal came back the exact same amount as my offer. The house sold in 2010 for 41k higher than what I offered and it is tax assessed 38k higher than what I offered. There have been no sales in this same neighborhood for over 2 years, so the comps used for this appraisal are several miles away. I just think it is weird that the appraisal came back the exact same price as my offer. Is this normal for hud? 

@Greg H., thanks for the comment. I'm definitely not willing to lose the house even if it means I end up having to pay, I'd do it. I just don't think that I should have to and haven't come across this situation before.