All Forum Posts by: Jacqueline Mims

Congratulations on your RE license! The cheapest way to attract buyers (which could potentially have to sell to buy) would be to partner up with a high volume and established listing agent and work a deal with them....maybe you buy signs for their listings, and put your number as the contact. They might not care to work with buyers, but it would be a great way for you to get your feet wet. Spending time with that/those agent/agents in the office and noting what they do day to day (and what they say to customers/clients over the phone) will also do wonders in building your confidence.
Good luck!

It is very common (at least in my area--SC) for multiple offers to be present on Freddie Mac homes.
We don't have POS inspections, but if I were you, I would submit my highest and best before the HAB period expires, but in the meantime I would get in touch with the listing agent to see if Freddie's 10 day inspection period allows for leniency for the POS inspection. We don't have POS inspections here, sorry I can't give me concrete advice. I would say that the listing agent would have probably run into this before, and they might very well be your best source of "been there, done that" experience.
In my experiences with Freddie, they have been fair to work with, as long as you know the hoops to jump through.
Yes, the contingency for financing would be another "out," BUT it has also been my experience that Freddie's reply to your HAB could take another 1-3 business days. If they choose to address your offer, they will prepare addendums, which will take another 1-3 business days.....so the POS inspection could very well happen within that time frame. Those extra days, if nothing else, will in effect draw out the process and "lengthen" your inspection period.

Good luck.

Hi all,

Just wanted to introduce myself. I am new to BP and absolutely love the podcasts. I've been lurking for a little while on the forums, gleaning information and am now less reluctant to share. I have held my RE license now for 8 years, and have been successful in not only production, but alsoin putting buyers into good equity positions (the market conditions in the last few years have helped). What a great feeling that is!
My paradigm shift has been slow in coming, but you know, if I can find and negotiate great deals for the average home buyer, why the heck haven't I been doing it for myself all along?!! In the last few months, my husband and I have gotten a couple properties under contract in our "buy and hold" strategy. Talk about exciting stuff! I look forward to learning from others' experiences, and hopefully sharing some of my own!

I have three dogs (Chessies), and yes, I will be putting them in my investment properties.....so I can write their food off on my taxes ;)

The $100 down is only available for use in conjunction with an FHA loan, so I would start there. Make sure your lender is on board and has done some FHA loans on HUD properties using the $100 option. FHA loans are also the only way to effectively claim any escrowed amount offered for repairs.

We don't have any HUD MFH here, so I don't know if $100 down would be an option. Www.hudhomestore.com would be your best source for the availability....check under addendums. Maybe someone on here has some experience with the MFH.

I agree with Mr. Ferguson. To be a registered agent to bid on HUD homes, your agent (and their brokerage) will need an NAID number.

**Also, HUD has hoops to jump through. Make sure your agent is comfortable and knowledgeable regarding their time frames, inspection periods (if you're an investor...you do NOT have an inspection period. These homes are sold to investors AS IS), etc.

Good luck!

Anthony, do you happen to be LEO, firefighter, EMS, or teacher? If so, HUD has a program where they will sell you one of their foreclosures (the location of the property has to qualify) at HALF price. There are conditions of course, but all purchases come with conditions. HUD has 5 properties in Charlotte right now that qualify for this type of purchase. It's a pretty nice program!

Congratulations! The first step is an important one. I have found the banks are trying to stick closer to their asking price, especially early on in the listing. If you have a real estate agent you know, like, and trust, ask them to run an MLS search for properties that have been on the market for longer periods of time...say >180 days or so. It sounds like you're not afraid to do some work, and remember to always request an inspection period where you have the unilateral right to reject the property based on its condition. That will give you enough time to get estimates on the repairs, and if they prove to be too costly, your earnest money will not be at risk.