All Forum Posts by: Paul K. McCoy

Good Afternoon BP Members!

My Wife and I have completed 3 fix and flip houses and have been around building construction industry for a while. So, I have some basic knowledge of what goes into a home but am certainly learning each day.  The electric and gas meters are both pulled as well as the water being off, so no utilities.

We do plan to make this our primary residence.

I know most of these properties are sold AS-IS but my question is should I get a home Inspection on a recent HUD Foreclosure that we have under contract, Would there be any advantage to having this done ?

All the best!

Paul

Thanks for the comment Cara! I will defiantly keep those deadlines in mind.

Hey @Mike Cumbie, we placed a bid of $50k and we're able to secure the home and have it under contract! The home needs minimal repairs and our plan is to keep it anywhere from 2-5 years while we are still flipping and then maybe sell and find something a bit bigger. I think we could get anywhere from $100-125k especIally if the area keeps growing as it is. Thanks for the insight guys!

Thanks for the comments guys. The home is worth somewhere around $100k. I feel they really underpriced it unlike a lot of the other homes I've seen in my area on HUD home store. My broker has informed me there are several other bidders including and agent. We were thinking of an offer of $50k but ya just never know, make take $60k to get.

Thanks for the comment Tyler, we decided to sell because of those very reasons. We are due to close by the end of January!

Good morning BP members! I'm looking at purchasing a HUD home that recently came on the market as my primary residence. The property is in exclusive stage until Dec 19th midnight. I'm willing to give full List price of $38k, with that said is there an additional amount that I need to allow to secure this home, just assuming no others are bidding? Also, is one bid submission all thats needed during the exclusive period? We really want this home and don't mind paying over but also want the Best deal possible :) All the best ! Paul

Thanks so much for the insight guys, I really appreciate it! -Paul

Thanks so much for the insight guys, I really appreciate it! -Paul

Thanks so much for the insight guys, I really appreciate it! -Paul

Good afternoon BP members! I've got a question and was curious to hear others experiences. We have a home under contract that we recently flipped. The buyer is using A local bank that does their own closing. Our Purchase price was $91500 and after rehab completion we now have it under contract for $180k. My concern is when the bank pulls my deed what will happen when they see the original purchase price only 5 months prior? (Of course that bank will also be doing the appraisal too) All the best. Paul