All Forum Posts by: Mike Nelson

Was wondering if any other Investors on the forum rent their apartment or home vs owning.  Im thinking of selling my home based on the cost of living rather than the luxury of owning a home.  Honestly,  I dont care anymore about my 3/2.  Its (in my opinion) over priced and unnecessary for my needs.  I actually feel I want to return to a smaller more efficient living space vs constant maintenance, high taxes, and mechanical/structural wear and tear.  Just want to simplify everything.   When something breaks, I call someone else.  When there is a problem, its not my problem.  I already have this system setup in my rental properties that I own!  But as far as cost goes, in South Florida I think Im ready to cash out on my over inflated home and go back to simplicity.  

I am bidding on a hubzu property and plan on paying cash.  When submitting a bid you have to chose if you are paying CASH or MORTGAGE LOAN.  When I select cash it only offers the SELLER PAYS for title services.  BUT if I chose MORTGAGE LOAN it allows me to chose BUYER PAYS or SELLER PAYS? Has anyone else noticed this?  I read some forum posts about people bidding cash on HUBZU and being able to chose their own title company.  I cannot seem to make this happen.... 

im surprised, nobody has seen this form ?

anyone?

Came across this form http://www.hudpemco.com/wp-documents/forms/2s_form...

Has anyone had success getting EMD returned as an Investor due to inspection? Whats the catch?

so does this mean you technically cannot maket to a buyers list? seems like everyone around here is doing that

Whats the best way to market a Hud home if you get one under contract? assuming no one on a buyers list is interested, is it good to send it off to a list of other realtors who may have a buyer?

IF you get a HUD property accepted and under contract, can you have it listed on the MLS without any objection from HUD?

Edward,

I appreciate your response, but am confused.

"f you have any agent, whether they are the listing agent or not, submit the bid for you, they are entitled to the 3% buying agent fee."

So if the listing agent submits the offer "they are entitled to the 3% buying agent fee." So the listing agent just got his/her 3% commission. HUD sells me the home.

Now,

"Using the listing agent does not mean he or she gets 3% as the listing agent and nothing else."

I used the listing agent, as stated above in your quote "they are entitled to the 3% buying agent fee."

So in short. Hud Home is listed for 100k. I offer the full 100k to the listing agent. HUD pays listing agent 3k, HUD nets 97k. (neglect closing costs for example)

OR

I use other agent, they submit bid for 100k, they get their entitled 3%, or 3k. Listing agent gets his commission (3k or whatever it is). Neglect closing costs for example, HUD nets 94k.

Im sorry guys, Im just not following.

I mean this in all politeness by the way. I do not want to sound arrogant or rude. I am new to HUD and can't seem to get a grasp. Again, please bear with me.

Wouldn't it be better to have the listing agent submit the offer so HUD nets more? Vs having a commission paid out to two agents and HUD nets less?

Seems to me Ive heard other investors make multiple offers on HUD homes simultaneously, also as Mark stated above if you dont sign an accepted offer and send in the EMD you are not bound to buy the house.

So I guess to answer my question, as an investor who has cash to close several homes, do I need to find an Investor friendlly HUD agent who will have to put an offer in for me every day? or can I just contact the listing agent of the HUD listing and have them submit my offer? This is all Im asking, someone who is a HUD investor please answer. Thank you.