All Forum Posts by: Account Closed

A HUD house I'm looking at has a 20-page lead paint inspection attached to it. Basically, the whole house is peeling, and the lead paint needs to be remediated inside and out.

I imagine a scraping/light power washing method to get the loose stuff off the exterior and then repaint to encapsulate the paint is the best method. Then I'd have to pick up the old paint chips.

There is no HUD escrow on the house.

Can I do this work myself or does HUD require a lead paint expert?

This long Lead Paint inspection form estimates the work cost at $19,000 so if I have to use a pro than this is an obvious pass.

Thanks for your help.

I'm a typical newbie.

I've been watching a HUD home near my area for a while now. It started off near $60,000 and has steadily dropped. HUD rejected a couple 30K offers from the same bidder probably 4 months ago when it was listed for $45K. That bidder hasn't been seen in a while and I imagine they found another home.

I've recently noticed it was dropped to 30K and "any reasonable offer accepted" tag put on the listing. I've never seen this tag before in my area but there are others in other areas of the state.

What does HUD consider "any reasonable offer" and what should my bid be? I think it could cashflow after repairs if I could get it for less than 22K according to Mike's system in his book.

What % off the bid should I offer on other newer HUD listings? Are there rules of thumb for HUD or websites/books you can point me to?

Are their pitfalls to the HUD process you guys could help steer me clear of? I'm a commerical contractor so I feel decent about my repair estimates. Thanks!